FPIs increased their positions held under the fully accessible route to ₹2.51 lakh crore against ₹2.43 lakh crore a month ago.
The appointment of the new governor of the Reserve Bank of India has boosted the expectations of a rate cut in February.
This prompted foreign investors to take a positive view on the government bond market despite the rupee being under pressure. The new RBI governor, Sanjay Malhotra, is perceived to be dovish in his approach, therefore, the market is confident about India going for a rate cut in February, said traders.
If the central bank does not go for a rate cut as expected, it may announce additional measures to infuse liquidity in the market, such as open market operations or buybacks.
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