Prime Minister Narendra Modi’s shock withdrawal of 86 percent of currency notes in circulation last week has seen people deposit 3.25 trillion rupees ($48 billion) with banks as they rush to hand over the old bills.
The 10-year yield has plummeted 30 basis points over two days, the most since 2013.
Indian bonds rallying most since 2013 on Black Money Ban
17 November 2016
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India’s benchmark sovereign bond yield plunged for a second day as slowing inflation boosted the case for authorities to lower benchmark interest rates just as a banking system awash with cash spurs demand for debt.
