India's sovereign bonds are facing their first monthly outflow since joining JPMorgan's bond index, with overseas investors cutting holdings of Fully Accessible Route bonds by 77.3 billion rupees ($910 million) as of November 28. This decline follows a narrowing yield differential with US Treasuries, which dropped to 2.39 percentage points, the smallest gap in over a year, amid rising US inflation speculation and elevated yields due to the Federal Reserve's stance on interest rates.
Overseas investors are rapidly reducing their holdings of Indian bonds, with a net outflow of 49.6 billion rupees ($588 million) last week, marking the largest withdrawal since June. This trend is driven by rising US Treasury yields, which have diminished the attractiveness of Indian fixed-income securities. The interest-rate differential between the US and India is expected to narrow, prompting foreign investors to offload a total of 87.5 billion rupees in Indian debt this month.
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