Following the withdrawal of Western certifiers due to international sanctions against Moscow, India is now providing safety certification for dozens of ships managed by a subsidiary of the leading Russian shipping company Sovcomflot, according to official data. This has enabled oil exports to India and other countries. After insurance, certification from one of the top classification organizations in the world, the Indian Register of Shipping (IRClass), adds the final piece of documentation required to keep…
Ahead of the RBI policy announcement, India’s 10-year bond rate reaches 7.5 percent, the highest level since 2019
In early trade on Monday, India’s benchmark 10-year bond yield hit its highest level since March 2019 as investors braced for a 50-basis-point rate hike later this week while rising global crude oil prices weighed on the mood.
The 10-year bond yield in India was trading at 7.4965 percent, up 4 basis points from the previous close. The yield climbed to 7.5004 percent, its highest level since March 22, 2019.
The Reserve Bank of India will focus on interest rate rises in the coming months in a relatively short tightening cycle, with the repo rate expected to hit its terminal level early next year.
Oil prices jumped more than $2 in early trading on Monday as Saudi Arabia boosted pricing for its oil sales in July, indicating how tight supply remains despite OPEC+ agreeing to increase output over the next two months.