The yields on 10-year 8.79% - 2021 bonds were trading higher by 1 basis point at 7.93% from its previous close of 7.92% on Wednesday
Bond yields edged higher tracing higher global crude oil prices, however, bargain buying which is likely to be triggered at lower levels, may cap the surge of bond yields.
On the global front, US Treasuries, stabilizing after slipping the previous day, steadied in Asian trade on Thursday, as investors sought riskier assets after the Federal Reserve reaffirmed its accommodative policy to support the economy. Meanwhile, Brent crude was trading above $108 a barrel on Thursday as China manufacturing data pointed to a better fuel demand outlook in the world's second largest oil user, thereby offsetting lingering worries about contagion in the euro zone from Cyprus's woes.
Back home, the yields on 10-year 8.79% - 2021 bonds were trading higher by 1 basis point at 7.93% from its previous close of 7.92% on Wednesday.
The benchmark five-year interest rate swaps were trading higher by 2 basis points at 7.22% from its previous close of 7.20% on Wednesday.
Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct Open Market Operations (OMOs) by purchasing the following government securities for an aggregate amount of Rs 10,000 crore on March 22, 2013 through multi-security auction using the multiple price method.
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