Rupee slips, T-bill yields dip

sriranga · 1 Treasury bill auction held on 23 April 2013 Tue Apr 23, 2013 4:38 pm

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Slstock · 2 Re: Rupee slips, T-bill yields dip Tue Apr 23, 2013 4:39 pm

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Getting stable before the drop.

CSE.SAS · 3 Rupee slips, T-bill yields dip Wed Apr 24, 2013 2:52 am

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Benchmark Treasury bill yields eased marginally at the primary auction yesterday (23) where the Public Debt Department of the Central Bank offered maturing bills amounting to Rs. 7 billion; bids amounted to Rs. 29.4 billion of which the bank accepted Rs. 10.99 billion.

The three-month bill yield eased down one basis point to 9.23 percent while the six-month bill yield eased a single basis point to 10.23 percent. The 12-month yield was unchanged at 11.34 percent.

"The accepted amounts continued to exceed the offered amount at the weekly auctions," one dealer said.

Last week, the Central Bank accepted bids amounting to Rs. 14 billion whereas the auction was for maturing bills amounting to Rs. 8 billion.

"The government needs cash, or this maybe an opportunity for the Central Bank to sell down its bill holdings, but it’s probably that the government needs cash. When there is appetite in the market the authorities make use of it, this may not be very healthy because it tends to mislead the market," another dealer said.

The rupee weakened by around 10 cents against the dollar, closing at Rs. 126.75/80 against the US dollar yesterday (23) from an opening position of Rs. 126.65/75. The rupee fell sharply on Monday to Rs. 126.65/75 from an opening position of Rs. 125.98/126.05.

Secondary market Treasury bond yields closed flat with only the three year bond yield showing some significant movement to close up at 11.30/35 percent from the previous day’s close of 11.25/30 percent.

Excess liquidity in the banking system amounted Rs. 22.7 billion.
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