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Our Bureau

Mumbai , Sept. 15

IN the 91-day Treasury bill auction 58 competitive bids were rejected as merely 12 bids worth Rs 705.00 crore were accepted from 70 bids worth Rs 3,588.25 crore received.

The auction was for a notified amount of Rs 2,000 crore. Dealers said, although the cut-off yield for 91 day T-bill came at 4.75 per cent (cut-off price Rs 98.83), higher cut-off of about 4.83 per cent was expected. They said it was unclear as to why the central bank rejected the bids. The weighted average price came at Rs 98.83.

For the 364-day Treasury bill auction 47 bids worth Rs 2,000 crore were accepted at the cut-off yield of 5.25 per cent. Bids received were 121 in number worth Rs 5,921 crore.

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