RBI cancels Rs 11,000 crore bond auction; 10-year yield eases 7 bps to 6.53%

Indian sovereign bond yields eased on Friday. The Reserve Bank of India cancelled a 7-year bond auction. This action led to a nearly seven basis point drop in the benchmark 10-year sovereign bond yield. Traders believe the cancellation signals the central bank’s discomfort with higher yield bids. This development follows a period of rising yields since June.

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