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Rupee, bonds gain on 'less hawkish' policy despite US Fed rate hike

Fed Chair Powell's comments suggest slower pace of hikes going ahead, say markets

money, budget, rupee
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Bhaskar Dutta Mumbai
Indian government bonds and the rupee strengthened on Thursday despite a 75-basis-point (bp) rate hike by the US Federal Reserve as key aspects of the central bank’s commentary were perceived as indicating that future policy tightening may occur at a slower pace in the world’s largest economy.

At 9.30 am IST, the rupee was trading at 79.78 per US dollar, stronger than 79.90 to a dollar at previous close. A sharp rise in domestic stocks also boosted the rupee, with the BSE Sensex and the NSE Nifty both trading 1 per cent higher.

Yield on the 10-year benchmark 6.54 per