India's bond yields fall as US peers dip; rupee strengthens slightly

Indian bond yields tracked a slide in their US peers and the rupee inched higher amid a modest rise in other Asian currencies

Dollar bonds
Reuters Mumbai
2 min read Last Updated : Jul 25 2022 | 11:59 AM IST

MUMBAI (Reuters) - Indian bond yields on Monday tracked a slide in their U.S. peers and the rupee inched higher amid a modest rise in other Asian currencies, although the gains were capped by losses in the domestic share market.

The benchmark 10-year bond yield was at 7.37% by 0527 GMT, compared with its close of 7.41% on Friday.

The U.S. 10-year Treasury note yield ended the week near its lowest since late-May after weak data on Friday added to worries about the global economy and traders reassessed the Federal Reserve's ability to raise rates much further.

The dollar, however, was on a firm footing as traders braced for a sharp U.S. interest rate hike this week and looked for safety as data points to a weakening global economy. [USD/]

The partially convertible rupee was trading at 79.83/84 per dollar, compared to its close of 79.8550 aided by gains in its emerging market peers.

Traders said concerns of the Reserve Bank of India (RBI) stepping in to sell dollars to prevent a slide in the rupee was also keeping falls in check but if stock markets continue to fall during the day, demand for dollars may rise.

The benchmark and the broader NSE share index were both trading down 0.7% each, snapping a six-day rally, dragged down by Reliance Industries after a weaker-than-expected earnings report.

(Reporting by Swati Bhat; editing by Uttaresh.V)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Bond YieldsIndian rupeeIndia bond marketRupee vs dollar

First Published: Jul 25 2022 | 11:59 AM IST

Next Story