The new bond was changing hands at 7.72 per cent.
Traders believe the RBI will step in more strongly, if the rupee starts falling towards 65
The convertibility is RBI Governor's 'next big ambitious goal'.
Concern would kick in if imports stay at or over 100 tonnes a month.
S&P warned about spending on subsidies and heavy government debt.
The RBI targets inflation at 6 percent by January 2016 and 4 percent for 2017/18.
The revision was announced before Indian markets opened on Thursday.
Lenders fret over stubbornly weak credit growth and still high funding costs.
RBI governor Raghuram Rajan says a cut in cash reserve ration will not at all impact lending rates.
India builds up record FX after Fed hints rate hike in future.
Reserve Bank of India (RBI) Governor Raghuram Rajan's decision to cut rates last week surprised even top officials.
Will RBI chief have the final say, in the form of a veto
India is Asia's third-best performing equity market.
India needed more specialists within government
India's banks rely on overnight borrowings to fund longer-term lending.
Only three of India's 45 commercial banks have cut base lending rates since the Reserve Bank of India's surprise easing this month, hurting the government's drive to lift business investment.
India allows foreign investors to buy upto $81 bn
Infrastructure bonds were launched by the RBI last year in a bid to help the government fulfill its plan to provide affordable housing to all by 2022
In cutting interest rates and giving a boost to the government's efforts to revive growth, RBI governor Raghuram Rajan displayed the pragmatism and flexibility familiar to those who work with him.
Earlier, India said the headline annual consumer price inflation accelerated to 5 per cent, compared with a 4.4 per cent print in November.
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