2020, the year that was: The best of bond rallies amid weak yields

Rupee among worst-performing Asian currency, but it supported Atmanirbhar campaign

The year 2020 caused widespread despair, but one group that cheered would be bond traders in India.

They could have easily become the worst-affected after the Covid-battered government pegged 2020-21's total borrowing at Rs 12 trillion. States followed suit with outsized borrowing plans of their own, estimated to be at least Rs 10 trillion.

The Rs 22-trillion borrowing was a mammoth task for a market that was used to accommodate just about half of this amount every year. But then came the Reserve Bank of India (RBI) with unprecedented liquidity support of Rs 11.11 trillion (until September) through various avenues; the governor