Fighting Covid-19 pandemic, the RBI way

On May 5, WHO announced the end of the global health emergency triggered by Covid pandemic. How did the Reserve Bank fare during this period that changed the ways of the world?

Last Friday, the 10-year bond yield fell 3 basis points (bps) to end the day at 6.99 per cent – the first instance of the yield closing below 7 per cent since April 7, 2022. In the first week of May as well, the 10-year bond yield dropped below 7 per cent – to 6.98 per cent, before profit-booking kicked in, lifting it above that mark. On the same day, the cut-off yield of the 10-year bond auction was fixed at 7.038 per cent – its one-year low. One basis point is a hundredth of a percentage point.

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