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Foreign Selling Of Indian Bonds Speeds Up

INDIA

Bond yields stick to a narrow range yesterday as the rupee declined on the back of a gain in the greenback. Markets will watch an INR 170bn bill sale today to gauge demand, especially after the recent spate of cancelled auctions. Elsewhere data has showed that foreign selling of India's bonds accelerated in the past week as the yield on the benchmark 10-year government bond rose. The 5-day moving average of net foreign outflows accelerated to $7.99 million, compared with the 20-day average outflows of $3.36 million. Markets await industrial production and CPI data tomorrow.

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