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⑴ The yield on India's 10-year government bonds has risen to around 6.77%, reaching a five-week high as investors reassess the impact of oil price volatility on inflation, growth, and monetary policy. ⑵ Government bonds have declined for the sixth consecutive trading day, as the market digests the risk that persistently high crude oil prices may lead to a tightening policy environment. Brent crude oil prices, affected by geopolitical tensions, are hovering near $107 per barrel, above the comfort zone of policymakers. ⑶ Meanwhile, funding pressures in the banking system are prompting financial institutions to turn to market financing, as sluggish deposit growth and rising large deposit rates put traditional funding sources under strain. Institutions such as Indian banks are planning to raise over $500 million by issuing seven-year infrastructure bonds. ⑷ The rupee exchange rate has fallen below 93 rupees to 1 US dollar, hitting a new low, reflecting market concerns about the widening current account deficit and persistent global risk pressures.

Golden Ten Data reported on March 20 that, as supply from the Persian Gulf has been restricted for the third consecutive week, buyers are being forced to seek alternative sources, and the volume of oil stored offshore is rapidly decreasing. If the United States advances Treasury Secretary Besant's proposal to lift sanctions on Iranian offshore oil this Thursday, these reserves could diminish even faster. Since the outbreak of the US-Israel-Iran war, offshore storage of crude oil and condensate has decreased by 1.8 million barrels per day, one of the fastest rates in years. According to data intelligence company Vortexa, current inventory is about 78 million barrels, with roughly one-third coming from Iran. Late last year, floating offshore oil storage surged rapidly, reaching a peak of over 140 million barrels at the end of November. This was due to US pressure on India to avoid Russian oil, and as geopolitical tensions worsened, Iranian exports accelerated. Since then, these inventories have nearly halved. As the buffer becomes increasingly thin, unless the Strait of Hormuz reopens quickly, oil prices may rise even faster.

Golden Ten Data reported on March 20 that, as supply in the Persian Gulf has been restricted for the third consecutive week, buyers are forced to seek alternative sources, and the volume of oil stored offshore is rapidly decreasing. If the United States advances Treasury Secretary Besant's proposal on Thursday to lift sanctions on Iran's offshore oil, these reserves may decrease even faster. Since the outbreak of the US-Israel-Iran war, offshore storage of crude oil and condensate has been decreasing by 1.8 million barrels per day, one of the fastest rates in years. According to data intelligence company Vortexa, current inventories are about 78 million barrels, with about one-third coming from Iran. Later last year, offshore floating oil storage increased rapidly, reaching a peak of over 140 million barrels at the end of November. This was due to the US pressuring India to avoid Russian oil and the acceleration of Iranian exports as geopolitical tensions worsened. Since then, these inventories have nearly halved. As the buffer becomes increasingly thin, unless the Strait of Hormuz is reopened quickly, oil prices may rise even faster.