India Bonds Slump After RBI Announces Open Market Bond sale

On Monday the Indian Government bonds yields and arose after the RBI (Reserve Bank Of India) it announced that an open, market sale of the debt it remove the excess cash left at lenders because in the last year the government removal of the big part of the currency bill.

On Friday the Central Bank said that it sells 100 billion rupees of government bonds.

In early trade the new 10 year bond jumped to 11 basis points to 6.62% and its close of 6.51% and its highest level since June 7.

The timing of the open market sale of the traders its a surprise market for them abed they expected it will happen in August by the time when RBI pay a hefty dividend to the government.

The RBI has also resorted to selling short end securities by the special scheme forward to drain out of the excess cash.

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