Bond yields softens on Rupee recovery

04 Sep 2013 Evaluate

Bond yields receded from day’s high level after the central bank likely sold dollars to help the rupee recover some losses for the day. On the currency front, Rupee witnessed dramatic recovery to trade near ‘67/$’ psychological level after RBI issued clarifications on the recently revised Overseas Direct Investment guidelines. Meanwhile, yields softened in the previous trading session after geopolitical worries and fears of a rating downgrade counterbalanced cheer from a cut in the weekly debt sale size.

On the global front, prices of U.S. government debt fell on Tuesday with stronger-than-forecast economic data and a delay in action against Syria. Meanwhile, brent crude held above $115 a barrel on Wednesday, close to its highest in almost a week, as U.S. lawmakers' support for military action against Syria rekindled worries over the possible impact on oil supply from the Middle East.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading flat at its previous close of 8.58% on Tuesday, after recovering from the day's high of 8.68%

The benchmark five-year interest rate swaps were trading 6 basis points lower at 8.44% from its previous close of 8.50% on Monday.

The Reserve Bank of India has announced the auction of 91 and 364-days Government of India Treasury Bills for notified amount of Rs 7,000 crore and Rs 5000 crore respectively. The auction will be conducted on September 4, 2013 using 'Multiple Price Auction' method.

The Government of India have announced the sale (re-issue) of two dated securities for Rs 10,000 crore against Rs 15,000 earlier, which consists of (i) “8.12 percent Government Stock 2020” for a notified amount of Rs 3,000 crore (nominal) through price based auction; and (ii) “8.28 percent Government Stock 2027” for a notified amount of Rs 7,000 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 September 06, 2013 (Friday).

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