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Indian bonds, rupee gain on hike of foreign debt investment limits
March 30, 2016 / 4:11 AM / a year ago

Indian bonds, rupee gain on hike of foreign debt investment limits

A money lender counts rupee notes at his shop in Ahmedabad, India, May 6, 2015. REUTERS/Amit Dave/Files

MUMBAI (Reuters) - India’s 10-year benchmark bond and the rupee gained on Wednesday after the central bank said it would allow foreign investors to buy up to 275 billion rupees ($4.14 billion) in additional sovereign debt next month as part of its plan to gradually raise debt investment limits.

Gains also tracked higher regional markets following comments from Federal Reserve chair Janet Yellen calling for caution in raising U.S. interest rates.

The 10-year bond yield was down 2 basis points at 7.49 percent at 0339 GMT, after earlier easing to a more than one-week low of 7.48 percent.

The rupee INR=D2 strengthened to 66.4175/4200 to the dollar after gaining to as high as 66.37, its strongest level since Jan. 4.

($1 = 66.4100 Indian rupees)

Reporting by Neha Dasgupta; Editing by Rafael Nam

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