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View on RBI Monetary Policy By Puneet Pal, PGIM India Mutual Fund
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Below the comment on RBI Monetary Policy by Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund.
"RBI stays on hold while indicating its discomfort with the level of surplus liquidity as it surprisingly announces an incremental CRR (I-CRR) of 10% on the increase in Bank’s NDTL between May19, 2023 to July 28, 2023. We expect short term money market curve of up to 3-6 months maturity to be negatively impacted. We expect the curve to stay flat and the 10yr Benchmark Bond to trade in a range of 7.05% to 7.25% over the next couple of months".
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