India bond yields tread water; market awaits RBI on Tuesday

MUMBAI: Indian federal bond yields were wedged in narrow band on Monday as traders stayed the sidelines a day ahead of the central bank's policy review.

At 9:30 a.m. (0400 GMT), the 10-year benchmark bond yield was at 8.17 percent, little changed from Friday's close of 8.18 percent. Traders expect the yield to move in band of 8.15 to 8.20 percent in Monday's session.

The Reserve Bank of India will review its policy on Tuesday. None of the 22 economists polled by Reuters last week expect it to cut rates.

The central bank's macroeconomic and monetary development report due at 5:00 p.m. (1130 GMT) could offer some clues on what to expect from the Tuesday's policy review.