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India's FIMMDA seeks cbank nod to relax trading band for day-sources
June 20, 2013 / 4:33 AM / 4 years ago

India's FIMMDA seeks cbank nod to relax trading band for day-sources

MUMBAI, June 20 (Reuters) - The country’s fixed income association is waiting for central bank approval to raise the upper trading limits for government bonds for the day, sources with direct knowledge of the request said on Thursday.

The request from the Fixed Income Money Market and Derivatives Association of India comes after dealers had told Reuters trading in the central bank’s dealing platform was halted for Indian government bonds whose yields had risen by their upper circuits.

The 10-year bond yield rose 10 basis points to 7.36 percent, triggering a halt in trading.

Upper limits depend on the individual maturities for government bonds. Trading resumes once yields fall from those upper limits. (Reporting by Subhadip Sircar & Neha Dasgupta; Editing by Rafael Nam)

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