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Govt bonds, rupee strengthen as crude prices plunge on growth concerns

A decline in domestic headline retail inflation to a five-month low in July also bolstered the appetite for bonds

Photo: Brent Lewin/Bloomberg
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The rupee settled at 79.45 per US dollar as against 79.66 in the previous close

Bhaskar Dutta Mumbai
Government bond yields plummeted on Wednesday as speculation of India’s sovereign debt being included on global bond indexes and a recent slump in crude oil prices bolstered the market’s appetite, dealers said. 
Yield on the 10-year bond — ‘6.54 per cent 2032’ — hurtled 10 basis points to close at 7.19 per cent on Wednesday. Bond prices and yields move inversely — one basis point fall in yield on the 10-year paper corresponds to a rise in price of roughly seven paise.

The rupee settled at 79.45 per US dollar as against 79.66 in the previous close.

The bond and currency