June 20, 2019 / 3:57 AM / a month ago

India's 10-year bond yields at 20-month low on Fed rate cut hints

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

MUMBAI (Reuters) - India’s benchmark 10-year bond yields dropped to their lowest in 20 months on Thursday after the U.S. Federal Reserve signalled possible interest rate cuts later this year, while buying from state-run banks also aided.

The benchmark 10-year bond yield was at 6.75%, as of 0345 GMT, its lowest level since Oct. 17, 2017, and down 9 basis points from its previous close.

The U.S. Federal Reserve on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month, as it took stock of rising trade tensions and growing concerns about weak inflation.

Reporting by Swati Bhat, Editing by Sherry Jacob-Phillips

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