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Bond yields fall on RBI rate cut, liquidity boost
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MUMBAI: Government bond yields slumped on Friday after the Reserve Bank of India cut policy rates by 75 basis points and reduced cash reserve ratio by 100 basis points in an unscheduled meeting.
Among shorter tenor, one-year government bond yield erased 27 basis points, two-year bond yield lost 35 basis points, three-year bond yield slumped 36 basis points, and five-year declined 33 bps.
The 10-year bond yield fell nearly 24 basis points to hit a ten-year low of 5.983% from its previous close of 6.223%. The rupee was trading at 74.67 a dollar, up 0.65% from its previous close.
The RBI cut the benchmark repurchase rate by 75 basis points to 4.40% from 5.15%. The RBI had kept policy rates on hold since December after five rate cuts in 2019.
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