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HindustanTimes Sun,31 Aug 2014

After RBI trims interest rates, rupee opens at 61.8 vs dollar

Reuters  Mumbai, October 08, 2013
First Published: 10:02 IST(8/10/2013) | Last Updated: 10:23 IST(8/10/2013)

India's 10-year government bonds rallied, sending yields down 21 basis points to 8.47 % on Tuesday after the central bank on Monday cut an overnight interest rate, further unwinding measures taken to defend the rupee.

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The Reserve Bank of India on Monday cut the Marginal Standing Facility (MSF) rate by 50 basis points to 9.0 %.

In the overnight indexed swap market, the one-year rate plunged to 8.35 % from 8.64 % at the previous close.

Meanwhile, the partially convertible rupee was trading stronger on the day at 61.73/78 per dollar versus its close of 61.79/80 on Monday.


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