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By Dharamraj Dhutia

MUMBAI, Oct 20 (Reuters) – Indian government bond yields
are expected to open higher on Thursday, tracking
a sharp spike in U.S.

yields, while traders are likely to remain vigilant on the rupee’s
trajectory after the currency hit a fresh record low on Wednesday.

The benchmark Indian 10-year government bond yield
is likely to trade in a 7.45%-7.51% band, a trader with a
private bank said.

The yield had ended at 7.4510% on Wednesday.

“The sharp spike in U.S. yields and a sudden decline in the currency led to selling pressure in the last trading hour yesterday, and both these things are expected to dominate the market mood today as well,” the trader said.

A selloff in U.S.
Treasuries pushed the benchmark 10-year Treasury yield to its highest level since July 2008, as investors largely shrugged off a weak housing report and
expect the Federal Reserve to remain aggressive in tightening
interest rates.

The two-year Treasury yield, a more direct indicator of rate expectations, jumped above 4.55% to its highest level in over 15 years.

Minneapolis Fed President Neel Kashkari said underlying inflation pressures probably had not peaked yet,
although the surge in overall prices may have hit its high point.

The 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.

Such aggressive hikes may put pressure on the Reserve Bank of India to follow suit, despite some members suggesting slowing or even pausing
rate hikes after having raised the repo rate by 190 bps between May
and September to tame stubbornly high inflation.

Meanwhile, the Indian rupee breached the key 83 per dollar
mark to fall to a record low on Wednesday, as spiking U.S.

yields boosted demand for the greenback, while local traders cited large corporate dollar outflows hitting the market.
KEY INDICATORS: ** Brent crude futures 0.2% lower at $92.20
per barrel, after rising 2.6% on Wednesday ** 10-year
U.S. Treasury yield was at 4.1523% and the two-year note at 4.5755% (Reporting by Dharamraj Lalit Dhutia; Editing by Savio D’Souza)

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