INR opens higher as 10-yr yield hit 7-yr low

Indian Rupee (INR) opened higher on Wednesday as the benchmark 10-yr bond yield dropped to 7.10%; the lowest since September 24, 2009.

USD/INR was offered at daily 100-MA level of 66.96 levels yesterday after the Reserve Bank of India (RBA) held interest rates unchanged. INR appreciated to the end the day higher at 66.80 levels. the pair was last seen trading round 66.70 levels.

Meanwhile, the 10-yr yield hit which closed at 7.12% yesterday extended the losses to 7.10%.