The problems are being compounded by perceptions that India is ill suited to defend the currency in the near-term.
India's unstable politics and slow pace of reforms add to the downside risks said the bank's note.
The intervention was spotted when the rupee hit 59.90 to the dollar or below
Heightened volatility makes the debt rollovers difficult.
RBI will auction Rs 1,000 crore worth of these bonds next Tuesday.
Can the Indian hedge fund managers convince the wealthy to take up the expensive investment strategy?
India has taken several measures to ease restrictions for foreign investors in domestic debt markets. They still feel it's not enough. Here's why
It feels govt may find it challenging to meet the revenue projections.
Domestic and external environment still remain "challenging".
India taxes these investors higher and is excessively cautious towards derivatives.
HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, according to a report released on Thursday.
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