India’s bond market has come under pressure as new restrictions on foreign exchange transactions have made it more expensive and complicated for foreign investors to hedge against rupee fluctuations. The Reserve Bank of India’s (RBI) measures, aimed at stabilizing the rupee, include limits on arbitrage trading, which have reduced currency pressure but increased hedging costs in both onshore and offshore markets. Onshore one-year hedging costs have risen by about 30 basis points, while offshore non-deliverable forward (NDF) costs have surged by around 70 basis points, reaching their highest level in over 12 years.
Portfolio managers say these higher costs are eroding nearly all returns from Indian government bonds, discouraging foreign participation. The situation has been worsened by the Middle East war, which has driven up global oil prices and added strain to India’s economy, heavily dependent on imported oil. Since the conflict began on February 28, foreign investors have sold about $2.26 billion worth of Indian government bonds, with outflows accelerating after the RBI’s currency restrictions.
Analysts suggest investor sentiment may remain weak even if oil prices fall, as concerns over rupee stability persist and higher yields may be needed to attract capital back.
স্টাফ রিপোর্টার প্রকাশ : ১৫ এপ্রিল ২০২৬, ২১: ০১ ভারতের বৈদেশিক মুদ্রা লেনদেনের ওপর আরোপিত বিধিনিষেধগুলো বিদেশি বিনিয়োগকারীদের জন্য রুপির ওঠানামার বিপরীতে সুরক্ষা নেওয়াকে আরো ব্যয়বহুল ও জটিল করে তুলেছে। ফলে ভারতীয় বন্ডের প্রতি আকর্ষণ কমিয়ে দিচ্ছে।
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