It is a cautious wait-and-watch policy, with macros having turned negative since last announcement in June. Oil prices, food prices have all gone up. Inflation expectations have gone up as well. RBI has imposed additional cash reserve requirement on incremental bank deposits. In July CPI headline reading will go up to close to 6.50%. Next few months would be a good opportunity to add duration to the portfolio with a 12-month investment horizon. It would be difficult for risky assets to perform in face of the headwinds caused by tight monetary and financial conditions.
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