January 17, 2018 / 4:39 AM / 3 months ago

India cuts 2017/18 extra market borrowing needs by 60 pct to $3.1 bln- official

NEW DELHI, Jan 17 (Reuters) - India has cut its additional market borrowing requirement by more than half for the fiscal year ending in March to 200 billion rupees ($3.13 billion), Economics Affairs Secretary S.C. Garg said on twitter.

The news sent benchmark 10-year bond yields down over 15 basis points.

Last month, the finance ministry had said that the government is likely to borrow additional 500 billion rupees ($7.79 billion) in 2017/18 fiscal year that ends in March.

$1 = 63.8850 Indian rupees Reporting by Malini Menon

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