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Topic: Masala bonds
The risk of foreign currency borrowing can be minimised if govt and RBI stick to FRBM Act and inflation-targeting frameworks. A Public Debt Management Agency also needs to be set up.
Kerala is the first local government to sell an offshore rupee-denominated bond & will list Rs 21.5 billion of Masala bonds on the London Stock Exchange Friday.
The RBI has ensured that the rupee is stable which has given international investors the confidence to buy Indian assets including masala bonds, said a portfolio manager.