Indian government bonds were hemmed in a tight range early ​on Wednesday, as elevated oil prices restrained risk appetite ahead of ‌U.S. and local inflation data. Costlier crude weighs on Indian bonds as it risks stoking inflation and straining the finances of the oil-importing economy. Focus is now on ​local and U.S. inflation ‌data for direction on interest rates. A hotter-than-expected U.S. inflation reading, however, could boost Federal Reserve ‌hike bets, pressuring Indian rates by narrowing the yield premium over U.S. bonds.