MUMBAI, Nov 9 (Reuters) – India’s benchmark bond yield slipped below 7.40% on Wednesday as sentiment lifted on strong gains in the local currency and the fall in global oil prices.

The benchmark 10-year yield was at 7.3958% by 0450 GMT after ending at 7.4342% on Monday. The yield fell five basis points over the past two sessions. Indian markets were closed on Tuesday for a local public holiday.

“The rupee, which has been a major concern in recent weeks, has turned…