10年期印度G-Sec的收益率跌至6.47%附近，触及2021年12月以来的最低点，与全球同行保持一致。投资者纷纷涌向全球安全的债券市场，担心不断升级的贸易紧张局势可能引发关税引发的经济衰退。与此同时，交易员也加大了对美联储进一步降息的押注。中国宣布，自4月10日起，将对所有美国进口商品征收34%的报复性关税，以回应特朗普总统对所有进入美国的中国商品征收34%额外关税的决定。印度征收27%的关税，受到的打击比一些亚洲同行小，但预计对出口、需求和GDP的影响将是巨大的。这可能会推动印度储备银行进一步降息。目前预计，央行将在4月9日的政策会议上降息25个基点，同时可能会改变对银行系统流动性的政策立场和指导。

The yield on the 10-year Indian G-Sec dropped to near 6.47%, hitting its lowest point since December 2021, moving in line with global peers. Investors flocked to the safety of bonds globally amid fears that escalating trade tensions could trigger a tariff-induced recession. At the same time, traders have also ramped up bets of more Federal Reserve rate cuts. China announced that it will impose a 34% retaliatory tariff on all U.S. imports starting April 10, in response to President Trump’s decision to levy an additional 34% tariff on all Chinese goods entering the U.S. With a 27% tariff, India faces a smaller hit than some Asian peers, but the impact on exports, demand, and GDP is expected to be significant. This may push the Reserve Bank of India toward deeper rate cuts. The central bank is now projected to lower rates by 25 bps at its April 9 policy meeting, alongside a potential shift in policy stance and guidance on banking system liquidity.

周五，BSE Sensex指数下跌约1.2%，收于75364.7点，连续第二天下跌，原因是金属、石油和天然气以及科技股大量抛售，因为美国总统唐纳德·特朗普的激进关税计划重新引发了人们对全球贸易战的担忧，这可能会使世界经济陷入衰退。此外，外国资金外流也削弱了投资者情绪。制药商今天也面临压力，因为在特朗普再次发出威胁后，对潜在行业豁免的乐观情绪是短暂的。与趋势相反，金融股表现最佳。从积极的方面来看，最终调查显示，印度私营部门的增长在3月份被上调，达到七个月来的最高水平。本周，该指数下跌约2.6%。

The BSE Sensex ended about 1.2% weaker at 75,364.7 on Friday, down for the second day, due to heavy selling in metal, oil & gas and tech shares as U.S. President Donald Trump's aggressive tariff plan reignited the fears of a global trade war, potentially driving the world economy into recession. Besides, foreign fund outflows have also dented the investor sentiment. Drugmakers also came under pressure today as optimism over potential sector exemptions was short-lived, following renewed threats from Trump. Bucking the trend, financials were the top performers. On a positive note, the final survey indicated that India's private sector growth was revised upward in March, hitting its highest level in seven months. For the week, the index lost about 2.6%.

在孟买，孟买敏感指数周五下跌931点，跌幅1.22%。塔塔钢铁公司（-8.42%）、Larsen&Toubro公司（-4.71%）和Ltimintree有限公司（-4.31%）领跌。

In Mumbai, the SENSEX Index decreased 931 points or 1.22 percent on Friday. Losses were driven by Tata Steel (-8.42%), Larsen & Toubro (-4.71%) and Ltimindtree Ltd (-4.31%).

印度卢比兑美元汇率今年首次触及85，达到2024年12月21日以来的最高水平。自3月以来，随着外国资金的强劲流入，该货币的反弹在最近几天获得了进一步的动力，原因是受美国持续关税和油价下跌的影响，美元疲软。随着印度应对与美国的贸易紧张局势，分析师预计将有更大幅度的降息，一些人预计今年将再降息75个基点。印度储备银行的不干预表明，市场驱动的波动性正在转变，而在行长桑杰·马尔霍特拉的领导下，流动性已大幅缓解。

The Indian rupee touched 85 per USD for the first time this year, reaching its strongest level since December 21, 2024. The currency’s rally, which began in March with strong foreign inflows, has gained further momentum in recent days due to a subdued US dollar, affected by ongoing US tariffs, and falling oil prices As India navigates trade tensions with the US, analysts anticipate more aggressive rate cuts, with some expecting an additional 75 basis points this year. The RBI’s non-intervention suggests a shift toward market-driven volatility, while liquidity has eased significantly under Governor Sanjay Malhotra.