Indian bonds drop as currency depreciates to record lows

Source: Bloomberg
© Scanpix/Reuters
Indian bonds that will mature in 2022 saw their yields rise as the Rupee dropped to record lows and investors worried about rising oil prices limiting the central bank's ability to cut rates. The Indian currency dipped to an unprecedented low of 61.2125 per U.S. Dollar due to better-than-expected U.S. jobs data, which indicates that the Fed might end its stimulus earlier. Yields rose 9 basis points to 7.72%.
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