Currency turmoil risks undermining India's debut sovereign green bond

The currency has slumped more than 45 this year amid concern the RBI is behind the curve in tackling inflation, with elevated crude oil prices adding to pressures on the net

India is likely to face an uphill battle if it goes ahead with its first sovereign green bond sale as it aims to issue the securities in rupees, putting off most overseas investors.

Political opposition to borrowing in dollars means the nation will have to largely forsake the global funds that have boosted ethical debt into a $4 trillion market, and rely on local buyers. The absence of Indian ESG funds means the government will be hoping the same banks, insurers and asset managers that it will tap for its record borrowing this year will have enough appetite left over for