India's 2028 Bond Turns Higher On Short Covering, OMO Bets-
Monday,
18-Feb-2019
03:47 PM (IST)
India’s 7.17% 2028 bond turns higher in thin volume trade on likely short covering as some traders speculate note may be included in this week’s RBI OMO purchase. Benchmark 2028 note at INR97.44, yielding 7.57%, against INR97.24 day’s low and INR97.39 previous close. “There is some short covering in the paper due to speculation that it may come in OMO purchase for this week,” trader with primary dealership says. RBI due to purchase bonds of up to INR125 billion via OMO this week; central bank generally conducts auction on Thursdays and announces papers on Tuesdays. Indian money markets shut tomorrow for a local holiday.
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