The benchmark 10-year bonds are seeing some buying interest after recent falls. The 10-year yield is down 2 bps at 8.72%.
Rupee moves are key to bonds with the currency opening weaker on an Asian sell-off.
Most traders are expecting the central bank to keep key rates unchanged on Tuesday but the tone of the policy will be crucial.
Recent comments from the central bank chief and the monetary policy panel report suggest rates may remain elevated for some time to come.
After a surge in bond buying by foreign funds, they were net sellers of $107.94 million on Thursday, latest regulator data showed.
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