Rupee depreciating roughly 3.4% against the dollar since the beginning of the West Asia war, made Indian bonds unattractive.
“That is no longer the case. Today, alternatives exist that require less interpretation and less hedging risk. So, this is not about whether yields are high or low. It is about whether the return is clean enough to justify the exposure and right now, for many investors, India looks like a market where too many of the variables sit outside the bond itself,” said Chaudhary.
