India Business News: Never before has so much attention been devoted to the gross domestic product (GDP) growth figures as has been for June and September quarters. The Ju
Synopsis
The monetary authority got 276 bids worth 246.4 billion rupees ($3.4 billion), almost triple the amount the Reserve Bank of India had planned to sell of the 5.85 per cent, 2030 notes.
Agencies
The RBI immediately followed by announcing an Operation Twist for 100 billion rupees, where it plans to buy longer dated bonds and sell shorter-maturity notes on Dec. 30.
By Kartik Goyal
The central bank didn’t accept any bids for the benchmark 10-year bond at the weekly auction, in another sign that authorities want to keep yields in a tight range.
The monetary authority got 276 bids worth 246.4 billion rupees ($3.4 billion), almost triple the amount the Reserve Bank of India had planned to sell of the 5.85 per cent, 2030 notes. It sold 229.8 billion rupees of other bonds at the weekly sale, the central bank said in a statement. It had planned to auction 280 billion rupees of securities.
More evidence has been turned in to show that the Indian economy is pulling out of COVID-19 s deep abyss and is reflating at a pace that beats most predictions, the Reserve Bank Of India (RBI), stated in a latest update. Economic conditions continued to improve through November 2020 on the back of the uptick in agriculture and manufacturing activity. Financial conditions embodied in interest rates are perhaps at their easiest in decades. Although headwinds blow, steadfast efforts by all stakeholders could put India on a faster growth trajectory.
RBI aimed to capture the dynamics of economic activity at state level in India by constructing a Coincident Index (CI) with daily high frequency variables. COVID-19 pandemic has completely altered how policymakers monitor economic data in the context of rapidly evolving economic activity and diverging sub-national trends to undertake appropriate and swift policy responses.