Bond yields fall sharply as RBI cancels open-market sale of debt

The RBI said on Friday it was withdrawing the OMO sale that was scheduled for November 23

Indian bond yields fell sharply in early trade on Monday after the Reserve Bank of India unexpectedly cancelled its sale of bonds via open-market operation after market hours on Friday.
 

The RBI said on Friday it was withdrawing the OMO sale that was scheduled for Nov. 23 due to "recent market developments and based on a fresh review of the current and evolving liquidity conditions". As of 0340 GMT, the benchmark 10-yr bond yield was down 8 basis points at 6.97 per cent, and is expected to trade in 6.92 per cent-6.97 per cent range, a dealer at a large