The yield on India’s 10-year G-Sec hovered around 6.7%, pausing its recent decline after falling to a near four-month low as investors awaited the sale of INR 213.5 billion in state bonds for fresh market direction. The benchmark yield has declined about 37 basis points over the past six weeks, supported by sustained foreign inflows, easing monsoon-related inflation risks, and lower crude oil prices following a 21% drop in Brent crude during June. Overseas investors have bought over INR 351 billion of government bonds in the past month, supported by foreign capital measures and expectations of India’s inclusion in Bloomberg’s Global Aggregate Index. Meanwhile, improved monsoon conditions narrowed the cumulative rainfall deficit to 24% as of July 5, from 43.1% a week earlier, easing inflation concerns. However, a modest rise in the US 10-year Treasury yield to around 4.50% ahead of the release of the Federal Reserve’s June meeting minutes limited further declines in domestic yields.

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