MUMBAI - Indian government bond yields ended higher on Friday as weekly debt auction added to overall supply, while the broader focus remained on the outcome of the U.S. Federal Reserve's policy next week.

The 10-year benchmark 7.26% 2033 bond yield ended at 7.1196%, after closing at 7.0987% on Thursday. For the month, the yield plunged 20 bps, the biggest such move in over three years.

"Bond yields inched higher on Friday due to weekly supply as well as rise in US Treasury yields, but the overall sentiment is bullish for the Indian bond market as the current rate hike cycle is expected to be over," said Pawan Somani, head of fixed income at Knight Fintech Research.

New Delhi raised 310 billion rupees ($3.79 billion) through bonds maturing in 2030, 2036, and 2062, and even though the cutoffs were better than expected, traders sold stock ahead of the long weekend.

Indian markets will remain shut on May 1.

The next key trigger would be the Fed's meeting outcome on Wednesday. Fed funds futures are pricing in over 90% chance of an additional 25-bps rate hike in May.

While the market has already factored in a 25-bps hike, any positive surprise will add fuel to the recent rally, Somani added.

The Fed's policy decision and commentary will lend cues to the Reserve Bank of India's future policy actions.

In April, the RBI maintained a surprise status quo and market participants now expect an extended pause after six consecutive hikes in the previous financial year. The repo rate is now at 6.5%.

DBS Bank said the end of the RBI's rate hike cycle and headline CPI prints falling back into the target range would create a more duration-positive environment for bonds.

($1 = 81.8000 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Sohini Goswami)