India bond yields spike after RBI policy, rupee rebounds against US dollar
- The RBI today kept it inflation forecast steady for the year but said that there would be no let-up in its fight to tame high inflation
Indian government bond yields rose beyond 7.3%, giving up some of the recent days of gains after the RBI raised lending rates by 35 basis points and sounded hawkish over inflation outlook. The benchmark 10-year yield was at 7.301% as compared to 7.2486% on Tuesday. Bond yields had eased to 7.2113% before the policy decision, tracking a slump in oil prices as the benchmark Brent crude futures declined below $80 a barrel. The Indian rupee however recovered to edge higher against the US dollar.
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