MUMBAI (Reuters) - India's benchmark 10-year bond yield rose to its highest level since the pre-Lehman crisis on Monday afternoon as the rupee fell to a record low of 62.82 to the dollar despite several efforts from policymakers to arrest the slide.
The benchmark 10-year bond yield rose to 9.17 percent, its highest since August 21, 2008.
Traders said the level 9.1150 was significant as it was the highest level on the benchmark bond in the last round of monetary tightening between March 2010 and October 2011.
"A close above 9.12 percent on the benchmark bond will be a very bearish signal," a senior dealer with a foreign bank said.
"Technically next target on the 10-year bond is 9.48 percent," he added. (Reporting by Swati Bhat; Editing by Anand Basu)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app