Indian bonds fell for the fifth day as the RBI’s cautious tone dims hopes of near-term interest rate cuts.

• RBI Governor signals focus on growth, inflation outlook, reducing chances of further monetary easing this cycle.
• Benchmark 10-year bond yield climbs to 6.37%, rising 7 basis points over five sessions amid policy shift concerns.
• OIS rates inch up; markets now expect status quo in RBI policy decision on August 6 and Fed decision Wednesday.