India bonds gain, swap rates fall on dovish RBI comments, oil slide (opens original article in a new tab)

Indian government bonds rose as RBI Governor Sanjay Malhotra suggested rate hikes are premature and oil prices declined, lowering yields to three-month lows.

• Indian government bonds surged with 10-year yield dropping 5.3 basis points to 6.7832%
• Reserve Bank of India Governor Sanjay Malhotra stated rate hikes are premature amid concerns over oil price impacts on inflation
• Oil prices fell 2% to $75.51 a barrel, supporting bond market sentiment
• Foreign investors bought 230 billion rupees of government bonds in June, nearing two-year high