MUMBAI: Indian federal bond yields edged up on Tuesday due to mild profit taking after aggressive buying in recent sessions, with traders expecting a bond buy back announcement from the central bank later in the day.
New Delhi will sell 40 billion Indian rupees ($764.8 million) of a new 8-year security, 60 billion rupees of 9.15 percent 2024 bonds and 40 billion rupees of 8.97 percent 2030 bonds on Friday, the RBI said.
At 9:20 a.m. (0350 GMT), the 10-year benchmark bond yield was at 8.22 percent, higher than Monday's close of 8.20 percent.
Prime Minister Manmohan Singh said on Sunday that the Indian economy would likely grow about 7 percent this fiscal year, lower than a revised forecast of about 7.5 percent growth issued by his government last month.
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