Citibank strategist Rohit Gall wrote that after the Reserve Bank of India's monetary policy review meeting on Wednesday, the offshore swap market may reduce India's implied interest rate hike from about 80 basis points to 60-65 basis points or even lower at the end of 2027. The 10-year Indian Treasury yield may fluctuate around 6.75% in the next few months. In the medium to long term, global capital cost concerns and capital competition may bring a certain premium to 10-year treasury bonds. The decline in energy prices and the weakening of the US dollar will benefit India's local currency assets.

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