The Indian Rupee (INR) strengthened against the American dollar, while the masala bonds could take advantage with Indian firms who are looking to increase funds. The masala bonds had a considerable growth even the latest fiscal together with the ICRA projected that the trend will persist particularly for firms without any natural hedge that could reduce risk from foreign currencies engaged in the external commercial borrowings (ECBs). During the 2017 fiscal year, the rupee-linked bonds hold at t Rs 30,620 crore by which other country’s currency dropped to Rs 1,740 crore compared with the previous FY with Rs 2,440 crore. According to Karthik Srinivasan, Senior VP of ICRA said: “With their cash flows denominated in Indian Rupees, many of the borrowers of ECBs don’t have a natural hedge against foreign currency risks inherent in that instrument." Moreover, the national currency of India rose by more than 5% versus its U.S peer, this caused for theIR to be the top performer among its rivals. The commercial banking company further anticipates an aggregate FII debt inflows worth $5-10 billion inclusive of RDBs amid FY18.
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