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MUMBAI: Indian government bond yields are expected to be little changed in early trades on Friday as US yields retreat, while focus remains on fresh debt supply as well as commentary from the US Federal Reserve.

India’s federal government plans to raise 320 billion rupees ($4.01 billion) through a bond auction on Friday, and the sale includes liquid five-year and 14-year notes.

The benchmark 10-year government bond yield is likely to trade in 7.27%-7.32% band until the auction, said a trader with a private bank.

The yield has risen 11 basis points in the last six sessions. It had ended at 7.2929% on Thursday.

“There is some respite as US yields have marginally reversed course, but auction response would be the key driver, while Fed speech will guide the markets next week,” said the trader.

The 10-year US Treasury yield eased on Thursday from its near two-month high levels, as investors balanced their positions amid uncertainty over Fed Chair Jerome Powell’s comments on Friday at a global central bank conference in Jackson Hole, Wyoming.

India bond yields rise, tracking moves in US Treasuries

Interest rate futures imply over a 60% chance of a 75 basis point Fed hike in September, up from 50% earlier this week.

Rate hikes by major central banks across the world have led to expectations of a similar move from the Reserve Bank of India that has been tightening its stance to bring down stubbornly high inflation.

The benchmark Brent contract stayed above $100 per barrel mark.

India is a major importer of crude oil and domestic inflationary pressures are expected to mount due to higher prices.

India’s consumer inflation has stayed stubbornly above 6% for seven straight months.

Key indicators:

** Brent crude futures up 0.8% at $100.20 per barrel

** Ten-year US bond yield at 3.0518%

** RBI to set underwriting fees for 320 billion rupees weekly bond auction

** India to sell federal government bonds worth 320 billion rupees

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