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Indian bond yields rise as auctions weigh

Indian bond yields rise as auctions weigh
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First Published: Fri, Sep 12 2008. 09 35 AM IST
Updated: Fri, Sep 12 2008. 09 35 AM IST
Reuters
Mumbai: Indian federal bond yields rose on Friday after higher-than-expected inflation and ahead of an Rs80 billion bond auction, which saw some investors sell securities to generate liquidity.
At 9:15 a.m, the 10-year benchmark bond yield traded at 8.31%, 3 basis points higher than Thursday’s close of 8.28%.
The annual inflation rate was 12.1% for the week to 30 August, below the previous week’s 12.34% but above a forecast of 11.96% in a Reuters poll.
The central bank is auctioning Rs50 billion of 8.24% 2018 bonds and Rs30 billion of 7.95% 2032 bonds. It sold Rs90 billion of treasury bills on Wednesday.
Industrial output data, due around noon (0630 GMT), is forecast to show growth of 6.5% in July from a year earlier, exceeding 5.4% in June.
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First Published: Fri, Sep 12 2008. 09 35 AM IST
More Topics: Markets | India | Money | Bonds | Yields |