G-sec Market: The benchmark 10-year security 6.05% GOI 2019 opened at Rs93.50 implying a yield of 7.08% higher than previous close of 7.02%.
The G-sec market is expected to trade on a bearish note tracking announcement of Auction Calendar on Thursday.
RBI announced that Government would borrow Rs2,41,000 crore in the first half of FY 2009-10. RBI also announced it would purchase securities worth Rs80,000 crore under Open Market Operations in the first half of FY 2009-10. The G-sec yields are likely to be rangebound between 7.00% - 7.20%.
Money market: The Call rate and CBLO rate opened at 5.20% higher than previous day’s high of 5.00%. The Money Market rates are expected to harden tracking concerns over liquidity in the system ahead of the huge borrowing program.
Swap Market: The 5Y OIS swap rate opened at 5.67% higher than previous close of 5.59%. The OIS swap rates are expected to harden tracking the movement in G-sec yields.
Forex Market: The INR opened at Rs50.88 against the USD, depreciating from yesterday’s closing level of Rs50.60. Rupee is expected to trade in the range of 50.65 – 51.00.