Bond yields drop following RBI’s measures to support Rupee

10 Jul 2013 Evaluate

Bond yields dropped on Wednesday following central bank’s measures to support the rupee. The RBI has asked state-run oil companies to buy dollars from a single bank as the government struggles to stem the declining rupee. The move although will not take the pressure off rupee depreciation completely, only helping to reduce the intra-day volatility in the forex market.

On the global front US Treasury debt prices held most of the previous session's gains on Tuesday, signaling investor support at the lower price and higher yield levels reached as the market reacted sharply to the prospect of reduced stimulus from the Federal Reserve. Meanwhile, Brent crude slipped towards $107 on Wednesday on concerns about weakness in the recovery of China, the world's second biggest oil consumer, while the US crude too turned higher after data showed a bigger-than-expected fall in crude oil stocks.

Back home, the yields on 10-year 7.16% - 2013 bonds were trading 2 basis points lower at 7.53% from its previous close of 7.55% on Tuesday.

The benchmark five-year interest rate swaps were trading 5 basis points lower at 7.52% from its previous close of 7.57% on Tuesday.

The Reserve Bank of India has announced the auction of 91 and 364 day Government of India Treasury Bills for notified amount of Rs 7,000 crore each. The auction will be conducted on July 10, 2013 using 'Multiple Price Auction' method.

Additionally, the Government of India have announced the sale (Re-issue) of four dated securities for Rs 15,000 crore on July 12, 2013 (i) “8.12 percent Government Stock 2020” for a notified amount of Rs 3,000 crore (nominal) through price based auction; (ii) “8.33 percent Government Stock 2026” for a notified amount of Rs 6,000 crore (nominal) through price based auction;(iii) “8.32 percent Government Stock 2032” for a notified amount of `3,000 crore (nominal) through price based auction, and (iv) “7.40 percent Government Stock 2035” for a notified amount of Rs 3,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Fort, Mumbai on July 12, 2013 (Friday).

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