MUMBAI (Reuters) - India’s benchmark 10-year bond yield jumped in early trade on Wednesday after the central bank revised the list of securities it plans to buy back from the market at its open market purchase of debt on May 17.
The Reserve Bank of India on Tuesday removed the 6.84 percent 2022 bonds from the list of government securities that it had announced it would buy at the OMO. This particular paper had been selected for a sale on May 11 as well and was seen by traders as a signal to support the government’s sovereign borrowing programme.
By 0350 GMT, the benchmark 10-year bond yield was up 7 basis points at 7.65 percent, after earlier rising to 7.67 percent.
The partially convertible rupee was trading at 67.38/39 per dollar, after touching 67.43 earlier, its lowest level since Feb. 7, 2017.
Reporting by Swati Bhat; Editing by Sunil Nair