Mumbai: Monday's 10-year government bond yield dropped nearly 8 basis points after Finance Minister Nirmala Sitharaman said a rate cut would assist the economy and the government's proposal to issue any sovereign debt abroad is being reviewed.
The yield on the 10-year government bond at 9.10 am was 6.445 percent compared to the closing of 6.524 on Friday.
"There is further space for interest rate reductions," Bloomberg reported quoting the Economic Times ' Sitharaman as stating. "I'll honestly wish a rate cut. And yes, a substantial rate cut would do a lot of good for the nation"
Asian currencies have been mixed trading. Japanese yen rose by 0.12%, Philippines by 0.11%, Thai Baht by 0.06%. But China's offshore place fell by 0.2%, China's renminbi by 0.18%, Singapore's dollar by 0.14%.
The dollar index, measuring the power of the US currency against a basket of significant currencies, stood at 97,976, down 0.03 percent from its prior 98.01 close.
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