India’s overnight swap market pricing in rate cuts before 2023 end – analysts

India’s overnight indexed swap (OIS) rates suggest the Reserve Bank of India (RBI) will cut interest rates towards the end of 2023. The rates plunged after the RBI kept the repo rate at 6.50% last week. ICICI Securities Primary Dealership senior economist Abhishek Upadhyay said the swaps market was also pricing in the same. Nomura economists said they expected consensual cuts in the October-March period of 75 basis points, after the RBI halted its policy of sixeenth rate hikes totaling 250 basis points in fiscal 2023.