Emerging markets have been on tenterhooks for the better part of this year as the Federal Reserve has been dangling the prospect of an interest rate cut.
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"Over the last 18 months, we've actually refinanced almost a billion dollars' worth of our international bonds through the rupee market," Sinha said. "Actually, we've been able to bring down our borrowing costs by almost 60 basis points by having done some of that." This is in stark contrast to the negative rates that the euro zone has contended with, or the challenges faced in Japan even today. During the Covid-19 pandemic, interest rates in India were only as low as 4%.
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