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India’s rupee strengthened for a third day, the longest run of gains in a month, on speculation unprecedented monetary easing by Japan will boost inflows into emerging-market assets. Bonds gained.
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India’s central bank signaled it’s set to raise interest rates again after an unscheduled increase last week, on concern that increased consumer spending and higher fuel prices will stoke inflation.
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Indian ventures of the world’s biggest fund managers are buying the most longer-term debt in almost a year after interest-rate increases helped slow inflation from a 19-month high.
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Gaurav Kapur , senior India economist at Royal Bank of Scotland NV, comments on the outlook for interest rates after the Reserve Bank of India kept them unchanged after six increases this year.
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The weakest monsoon since 2009 is set to prevent Prime Minister Manmohan Singh from reducing the biggest budget deficit among the largest emerging markets, increasing the risk of a downgrade of India’s debt rating.
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India’s 10-year bonds declined a third day, pushing their yield to the highest level this month, on speculation the central bank will increase borrowing costs at its policy review tomorrow after inflation quickened in May.
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India’s interest-rate swaps are rebounding from a 14-month low, signaling that investors are scaling back expectations of further rate cuts in 2012 after growth in Asia’s third-largest economy unexpectedly quickened.
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India’s rupee closed at the strongest level since May on optimism efforts by policy makers to consolidate government finances and lure foreign investors will spur growth, boosting capital inflows.
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India’s banks are cutting bond holdings at the fastest pace in five years, deterred by accelerating inflation and the widest swings in debt prices in six months.
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International investors are cutting holdings of Indian bonds by the most in more than two years as the government plans to complete the bulk of its record borrowing plan in the coming six months.
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