BOND SALE

Bond yields fall after RBI cancels open market sale of debt

INDIA-ECONOMY-STOCKS Representational Image | AFP

Bond yields fell sharply in early trade on Monday after the Reserve Bank of India unexpectedly cancelled its sale of bonds via open market operation post market hours on Friday.

The RBI said on Friday it was withdrawing the OMO sale that was scheduled for November 23 due to “recent market developments and based on a fresh review of the current and evolving liquidity conditions”.

The benchmark 10-year bond yield was down 8 basis points at 6.97 per cent, and is expected to trade in 6.92 per cent-6.97 per cent range, a dealer at a large state-run bank said.

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