Business Standard

The 'tsunami of negatives' to sink $2.8 billion India-Bond support

The government is likely to borrow Rs 2.48 trillion ($34 bn) in the six months to March 31, or Rs 200 bn less than the budgeted estimate

RBI, Reserve Bank of India

Prime Minister Narendra Modi’s government appears set to trim its borrowings for the second time this year.

Even so, the prospect of smaller debt sales is doing little to lift the pall over the battered Indian bond market. It’s not hard to see why, with headlines bringing in a barrage of bad news, from rising oil prices and a tumbling rupee to the debt crisis at a lender and a cash crunch in the banking system. The relief may be temporary, traders say.

“There’s been a tsunami of negatives, coming wave after wave, and this positive doesn’t stand a chance,”

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First Published: Sep 27 2018 | 10:09 AM IST

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