December 28, 2018 / 11:46 AM / 7 months ago

Indian bond yields spike after farm loan waiver package news

MUMBAI (Reuters) - Indian bond yields jumped 10 basis points in late afternoon trade on Friday after Reuters reported that the government was considering three options for a farm relief package that could cost up to 3 trillion rupees ($42.82 billion).

India’s Prime Minister Narendra Modi is considering a direct payment to all landowning farmers, compensation for those who sold produce below government prices, and a loan forgiveness programme, according to three government sources.

The benchmark 10-year bond yield ended at 7.39 percent, up 11 basis points on the day and 1 basis point below the day’s high which was reached after the farm loan package news.

Reporting by Swati Bhat; Editing by Subhranshu Sahu

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