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Indian bonds, rupee weaken as MPC minutes suggest increased inflation concerns

Reuters

MUMBAI (Reuters) - Indian bonds and the rupee weakened on Thursday morning after minutes of the central bank's February monetary policy meetings released on Wednesday showed increased concern among members on the accelerating inflation.

The MPC members expressed concern about continued inflationary risks, citing factors including high food and global crude prices and the government's decision to increase spending for the year starting in April to support a struggling agricultural sector.

India's benchmark 10-year bond yield rose as much as 11 bps in early trade to 7.82 percent. Yield was at 7.78 percent at 0353 GMT.

The partially convertible rupee was trading at 65.0350 per dollar versus its previous close of 64.7550, after hitting 65.0850, its weakest level since Nov. 21.

(Reporting by Swati Bhat; Editing by Gopakumar Warrier)