India 10-year bond yield rises for 10th week to 7.4740%
Business
India's 10-year government bond yield has gone up for the 10th week in a row, something that hasn't happened in three decades.
This steady rise is mostly due to higher oil prices and the Reserve Bank of India (RBI) signaling more interest rate hikes ahead.
On Friday, the key bond yield touched 7.4740%, as investors grow cautious about what's next for the economy.
High $115 oil strains India's finances
Oil prices staying high (around $115 a barrel) hit India especially hard since India imports close to 90% of its oil requirements, meaning pricier fuel, higher inflation, and extra pressure on government finances.