Ten-year bonds issued by India climbed on Tuesday as the yield dropped to their lowest level in nearly two weeks, Bloomberg reports.
The Indian finance ministry is set to auction the equivalent of $1.6 billion in Indian bonds, with maturity set for 2020, 2023 and 2032. The rupee was moderately losing value on Tuesday as concerns strengthened about the impact of the U.S. Federal Reserve slashing monetary stimulus.
"Front-line stocks with high foreign shareholding are witnessing a fair amount of consolidation," assistant vice president for research Nilesh Karani with Magnum Equity Broking in Mumbai told The Wall Street Journal on Tuesday.
The Indian rupee dropped roughly 0.2 percent against the greenback on Tuesday. Thus far this year, the rupee has fallen about 1.5 percent against its rival.
Indian shares were slipping on Tuesday, according to The Wall Street Journal. In addition to tapering of stimulus in the U.S. dragging down the rupee, the monetary unit also has been harmed by concerns about growth and development in China, a top partner for trade and commerce. China last week boosted borrowing costs early last week.
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