Indian Bonds Rallying Most Since 2013 on Black Money Ban: Chart

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. 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.

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