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Indian government bonds headed for worst week in 4.5 yrs

Indian government bonds are headed for the worst week in four-and-a-half years as a slew of government steps failed to prevent another record low for the rupee.

Written by Reuters | Published: August 16, 2013 3:01:24 pm

Indian government bonds are headed for the worst week in four-and-a-half years as a slew of government steps failed to prevent another record low for the rupee.

The benchmark 10-year bond yield is at 8.67 percent,up 17 basis points (bps). Yields are up 56 bps this week,the most since January 2009.

The rupee hit a record low of 62.03 to a dollar in early trade,breaching the previous low of 61.80 seen on Aug 6.

Government and RBI measures are all seen as incremental to lowering current account deficit.

Dealers awaiting auction cutoffs with one or more bonds likely to be devolved.

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