May 30, 2012 / 3:57 AM / 5 years ago

MARKET EYE-India 10-yr bond yield at near 3-wk high

* India's benchmark 10-year bond yield at 8.55
percent, after rising to as high as 8.56 percent, its highest
since May 10 and above Tuesday's close of 8.52 percent.	
* The absence of any open market operation announcement so far
this week is weighing on bonds, traders say.	
* The central bank had conducted three OMOs in as many weeks to
offset the impact of its FX interventions on rupee liquidity.	
* Dealers say bonds also technically overbought, see 8.58 yield
as a potential top for the day. Broadly, 8.51-8.58 percent band
seen.	
* Traders will now focus on the GDP numbers due to be announced
on Thursday for further direction.  	
	
 (swati.bhat@thomsonreuters.com/;
swati.bhat.thomsonreuters.com@reuters.net)

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