Funds Unload Most Bonds in Two Years on India Debt
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International investors are cutting holdings of Indian bonds by the most in more than two years as the government plans to complete the bulk of its record borrowing plan in the coming six months.
Global funds sold $902 million more rupee-denominated notes than they bought this month, the first net selling since September and the biggest reduction since October 2010, according to the Securities & Exchange Board of India. The finance ministry will raise 65 percent of its debt-sale target in the fiscal first half, compared with 49 percent a year earlier, Economic Affairs Secretary R. Gopalan said this week.