Next Article
RBI's surprise rate hold sends shockwaves through India's bond market
India's bond market got a jolt on Wednesday when the Reserve Bank of India (RBI) unexpectedly kept its main interest rate steady.
This move pushed the 10-year government bond yield up to 6.42%—the highest it's been since May and the biggest single-day jump in almost two years.
Most people were betting on a softer stance, but the RBI stuck to its guns.
Indian rupee closes stronger against US dollar
Even with all this, the Indian rupee managed to close a bit stronger at 87.73 per dollar, helped by IPO money flowing in and some RBI support.
But there's tension ahead: from Friday, the US is slapping a 25% tariff on Indian exports because of ongoing oil deals with Russia—so things could get even more interesting soon.