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Indian markets trim gains as Aug inflation comes in higher than expected

Source : REUTERS
Last Updated: Mon, Sep 16, 2013 07:00 hrs

MUMBAI, Sept 16 (Reuters) - The Indian rupee and stock markets trimmed gains while bonds gave up all advances to turn negative on the day, after August headline inflation rose at a faster-than-expected pace of 6.1 percent, largely on the back of higher food prices.

By 12:13 p.m. (0643 GMT), the partially convertible rupee was trading at 62.78 per dollar compared with 62.50 before the data.

The benchmark 10-year bond yield was at 8.51 percent compared with 8.43 percent before the data.

The main share index trimmed gains to trade up just 0.3 percent from over 1 percent beforehand.

The 1-year swap rate rose 8 bps to 9.22 percent from before the data, while the benchmark 5-year swap rate rose 4 bps to 8.35 percent, traders said. (Reporting by Swati Bhat; Editing by Subhranshu Sahu)




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