MUMBAI (Reuters) - India's benchmark 10-year bonds and the rupee gained on Friday after retail inflation data for January came within market expectations and stayed well below the central bank's target, bolstering prospects for further interest rate cuts.
Consumer prices rose an annual 5.11 percent compared with a 4.28 percent gain in December, the statistics department said on Thursday after it changed the base year for measuring inflation to 2012 from 2010.
The benchmark 10-year bond yield dropped 5 basis points to 7.69 percent by 0339 GMT while the rupee strengthened to 62.11/12 per dollar, versus its previous close of 62.3050/3150.
(Reporting by Swati Bhat; Editing by Rafael Nam)
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