\n
The benchmark Indian 10-year government bond yield was at 7.5121% as of 0435 GMT. The yield had ended at 7.4767% on Thursday. <\/p>\n
It has risen by seven basis points in three sessions.<\/p>\n
New Delhi is scheduled to raise 280 billion Indian rupees ($3.38 billion) through sale of bonds later in the day, which includes 120 billion rupees of the benchmark 2032 paper.<\/p>\n
“As expected, there was a minor gap-up opening for yields, and after that they are more or less steady,” a trader with a state-run bank said. <\/p>\n
“Traders may not be very active today, considering holidays over the next few sessions, but the cut-offs at the auction will be a crucial insight on investors’ comfort.” <\/p>\n
Indian markets will remain shut on Monday and Wednesday for local holidays. <\/p>\n
The selloff in U.S. Treasuries continued, with the benchmark 10-year yield rising to its highest since June 2008, and the two-year yield, a more direct indicator of rate expectations, jumping to its highest since August 2007. <\/p>\n
U.S. yields jumped as U.S. economic data reinforced investor bets that the Federal Reserve would keep raising interest rates aggressively. <\/p>\n
The U.S. Fed has already raised rates by 300 basis points since March and is expected to hike rates by 75 bps in each of its next two meetings.<\/p>\n
Traders fear that aggressive hikes may put pressure on the Reserve Bank of India to follow suit. The RBI has raised rates by 190 basis points since May. <\/p>\n
Markets will also keep an eye on the rupee’s movement after it hit a record low on Thursday.<\/p>\n
($1 = 82.7350 Indian rupees)<\/p>\n
(Reporting by Dharamraj Lalit Dhutia; Editing by Neha Arora)<\/p>\n
By Dharamraj Dhutia<\/p>\n<\/div>\n\n
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