Indian overnight indexed swap (OIS) rates have risen post the Reserve Bank of India’s recent policy meeting, indicating investors’ expectation of a rate cut only in early 2025, as opposed to the last quarter of 2024. The OIS markets reflect interest rate expectations, with higher rates suggesting prolonged elevated interest rates. The RBI’s Monetary Policy Committee (MPC) held rates steady, focusing on robust growth while inflation remains above its 4 percent target. Market sentiment views the central bank’s commentary as slightly hawkish, possibly delaying rate easing. Traders anticipate easing liquidity conditions may not meet estimates, further impacting swap rates.