Diesel price hike: Indian bonds,rupee up

The Indian rupee rallied to its highest in two months while federal bond yields dropped.

Written by Agencies | Mumbai | Published:September 14, 2012 9:49 am

The Indian rupee rallied to its highest in two months while federal bond yields dropped on Friday morning after the government hiked state-subsidised diesel prices,a move which would help bring down its fiscal deficit.

At 9:08 a.m. (0338 GMT),the partially convertible rupee was at 54.89/90 per dollar,after hitting 54.85,its strongest since Aug. 17. It had closed at 55.43/44 on Thursday.

The benchmark 10-year bond yield was at 8.11 percent,down 6 basis points on the day. The yield had dropped as low as 8.10 percent in opening deals,its lowest since July 26.

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