Bond market participants have mixed feelings about the government’s plans to float sovereign bonds. On the one hand, participants say it will lessen the load from the domestic market; on the other hand, they say it might bring undue volatility in the domestic market should the overseas investors decide to short the bonds reflecting a global risk-off sentiment.
In the domestic market, such things are easily controlled by the Reserve Bank of India (RBI), but it has no say in foreign jurisdiction. The offshore non-deliverable forwards market (NDF), which often sets the sentiment for ...
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