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India pumps in liquidity; bonds see profit-taking after initial rally

MUMBAI: The Reserve Bank of India (RBI) said on Monday it would pump 360 billion Indian rupees ($4.95 billion) into money markets in October, pledging to buy back government bonds as part of a bid to quell fears of a credit crunch cascading through the economy. The latest move came after the government on Friday announced a borrowing target of a gross 2.47 trillion rupees ($34.08 billion), with higher-than-expected earnings from its small savings scheme helping to reduce its borrowing needs by 700 billion rupees. In…