Indian government bond yields rose, with the post-reserve benchmark 10-year yield hitting 7.30% Bank of India raised lending rates by 35 basis points and issued a hawkish note inflation Outlook.

The benchmark 10-year yield as of 11:10 AM IST was 7.3087%. Before the policy decision, it was at 7.2113% and ended Tuesday at 7.2486%.

Bond yields had fallen earlier in the session, trailing a slump in oil prices as benchmark Brent crude futures fell below $80 a year.