India cuts 2017/18 extra market borrowing needs by 60 percent to $3.1 billion: official

NEW DELHI (Reuters) - India has cut its additional market borrowing requirement by more than half for the fiscal year ending in March to 200 billion rupees ($3.13 billion), Economics Affairs Secretary S.C. Garg said on twitter.

The news sent benchmark 10-year bond yields down over 15 basis points.

Last month, the finance ministry had said that the government is likely to borrow additional 500 billion rupees ($7.79 billion) in 2017/18 fiscal year that ends in March.

($1 = 63.8850 Indian rupees)

(Reporting by Malini Menon)