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Indian Bond Yields Plummet as RBI Cancels OMO Sale
November 23, 2017
The central bank’s decision to call off the Open Market Operation(OMO) sale that was scheduled for November 23 hit the Indian bond yields as they dropped sharply soon afterward.
The Reserve Bank of India announced that it’s decided to cancel the open market sale of debt due to “recent market developments and based on a fresh review of the current and evolving liquidity conditions” which was unexpected.
As a result, the benchmark 10-year bond yield dropped by 8 bps to settle at 6.97%.
