Indian bonds advance

India’s government bonds rose, pushing the 10-year yield to a one-week low, on speculation a decline in global oil prices will aid central bank efforts to curb inflation. Brent crude has dropped 4 per cent in October, reducing the risk of rising consumer prices in a nation that imports about 80 per cent of its oil. Reserve Bank of India Governor Raghuram Rajan, who left the repurchase rate unchanged for a fourth meeting on Sept. 30, has raised it three times to 8 per cent since last September to rein in the fastest inflation in Asia. The yield on the 8.4 per cent bonds due July 2024 fell one basis point to 8.44 per cent, the lowest level since Sept. 26, as of 9:55 a.m. in Mumbai, according to prices from the central bank’s trading system. The rate has dropped seven basis points this month. Indian markets were closed from Oct. 2 to Oct. 6 for public holidays, according to bloomberg.com