MUMBAI (Reuters) - Indian government bonds rallied with the benchmark 10-year yield falling to its lowest in two months on Tuesday following a surprise cut in the borrowing programme for the fiscal year starting April.
The 10-year bond yield dropped to as much as 7.3565 percent from 7.62 percent, its lowest since January 29, while the rupee was at 64.77 per dollar from 64.87 on Monday.
India plans to borrow 2.88 trillion rupees ($44.45 billion) during April-September, the government said after market hours on Monday, adding it will borrow 500 billion rupees less for the full year 2018/19.
($1 = 64.7900 Indian rupees)
(Reporting by Suvashree Dey Choudhury and Swati Bhat, Editing by Sherry Jacob-Phillips)
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