Bond yields soften tailing Rupee’s appreciation; OMO eyed

18 Nov 2013 Evaluate

Bond yields were trading lower tracking strong appreciation of Indian currency in the spot market, however, fall was limited ahead of the open market bond buys scheduled later in the session. On the currency front, Indian rupee, appreciating for third consecutive session, was trading stronger on Monday, below the perilous ‘63/$’ mark, tailing the strong rally at Indian equity markets on continued buying activities from investors following dovish comments from Fed Chairman-nominee Janet Yellen last week, who said there will be no imminent decision to scale back the Fed's massive bond-buying programme. Meanwhile, Indian rupee also resumed trade with vigor after the long weekend on account of bunched up inflows and continued dollar selling by banks and exporters.

Reserve Bank has decided to conduct Open Market Operations by purchasing government securities for an aggregate amount of Rs 8,000 crore on November 18, 2013 (Monday) through multi-security auction using the multiple price method.

On the global front, U.S. Treasury debt prices were little changed on Friday after the fading of a rally sparked by Federal Reserve Chair nominee Janet Yellen, who said the U.S. central bank will likely cling to its stimulative monetary policy. Meanwhile, Brent crude dropped below $108 a barrel on Monday as traders focused on a surge in Saudi exports in the third quarter, while hopes that a resumption of talks between sanctions-hit Iran and major powers may lead to more oil supply also weighed.

Back home, the country’s mostly active traded yields on 8.28% - 2027 bonds, were trading lower by 3 basis points at 9.08% from its previous close of 9.11% on Thursday.

The benchmark five-year interest rate swaps were trading 1 basis point lower at 8.48% from its previous close of 8.49% on Thursday.

The Reserve Bank of India has announced the auction of 91 and 182 days Government of India Treasury Bills for notified amount of Rs 6,000 crore each. The auction will be conducted on November 20, 2013 using 'Multiple Price Auction' method.

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