The 10-year bond yield was at 7.553%, down 7 basis points from its previous close of 7.605%. Photo: ReutersMumbai: The Indian rupee pared some of its losses, but still closed marginally weaker against the US dollar on Friday, tracking losses in the local equity markets. The 10-year bond prices recovered from its morning losses after Reserve Bank of India (RBI) rejected all bids at the weekly auction. Earlier in the morning, rupee and bond prices fell after the government revised upward its fiscal deficit target for fiscal year 2019 to 3.3% against the earlier target of 3%. Since the beginning of this year, the rupee fell 0.2%, while foreign institutional investors have bought $2.04 billion from local equity and $1.47 billion in debt markets.

Source: Mint February 02, 2018 04:20 UTC