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Indian Refinancing of Non-Rupee Loans at Three-Year Low: Chart

Indian companies are rolling over the smallest amount of foreign-currency syndicated loans in three years after interest rate hikes by the Federal Reserve pushed borrowing costs to an almost nine-year high. The three-month London interbank offered rate climbed to 1.36 percent this month while refinancings by Indian firms have fallen to $8.4 billion so far in 2017, down 20 percent from the same period a year earlier, according to data compiled by Bloomberg. Companies have used strong cash flows to repay the loans over the last two to three years and shifted to Indian rupee loans and foreign-currency bonds, according to Ashish Sharma, head of loan syndication for Asia Pacific at Credit Suisse AG in Hong Kong, who expects refinancing volumes to recover next year.

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