Treasury Bill Yields Rise in India After RBI’s Cash Move
- India sells $2.6 billion treasury bills at higher yields
- It’s the first debt auction since RBI announced cash measures
Outside the Reserve Bank of India (RBI) building in Mumbai, India.
Photographer: Kanishka Sonthalia/BloombergThis article is for subscribers only.
India’s Treasury bill yields rose at an auction after the central bank took the first step toward paring back on some of its pandemic relief measures.
The 364-day bill was sold at a yield of 3.579%, compared to 3.4681% at the last auction, and also beating estimates from a Bloomberg survey. The 190 billion rupees ($2.6 billion) sale was the first sovereign auction since the Reserve Bank of India said late on Friday it plans to drain cash via a reverse repo operation.