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India 10 year yields hit 13-month low

FXStreet (Mumbai) - The government bond prices in India rose, pushing the ten-year yield to a 13-month low as falling crude prices trigger interest rate cut expectations.

The ten-year bond yield fell two basis points to 8.35% today, lowest since September 2013. Meanwhile, the Rupee gained 0.20% to trade at USD 61.27 levels.

The 3-month rout in Crude prices has been a boon to high inflation, energy dependent nations like India, where inflation numbers fell to the levels last seen in 2012. India imports about 80 percent of its oil, and a sharp fall in Brent Crude has pushed the Consumer Price Inflation (CPI) to 6.46% from last month.

The Reserve Bank of India (RBI) has expressly stated that it intends to bring down the CPI rate to 6% till January 2016. Moreover, the fall in Crude prices negates the upside risk to the RBI’s inflation target.

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