Debt Mutual Fund Strategy

Key concerns to watch out .... Classification - Restricted Global factors Ongoing conflict between Russia and Ukraine may have adverse impact on global trade and economic growth Rise in volatility in commodity prices (especially Energy prices) could put pressure on the global financial markets Sharp volatility in the US Bond yields may lead to rise in risk off sentiments Sharp appreciation in US dollar index, which may lead to FPI outflow from EMs Acceleration in the pace of unwinding of liquidity at global level Rising trend of protectionism across economies could pose a risk to overall global growth Rise in global food prices may lead to further rise in food inflation. Domestic factors Higher crude oil prices could put pressure on India's current account balance If Rupee depreciates disorderly, then it may impact India's twin deficit High Inflationary pressure may push the RBI to act faster on interest rates. Any delay in implementation of key reforms may delay the structural recovery in growth Any negative credit rating action by global rating agencies could impact interest rates and currency. 22 Confidential/Restricted HDFC BANK RESEARCH Classification - Restricted HDFC BANK We understand your world

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