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Our Bureau

Mumbai, March 22

The bond market was lacklustre and the traded volume was low. Dealers said the hardening of the US treasury yields also caused the Indian yields to rise.

A dealer at a private bank said that the US Federal Reserve Chairman's statements about the growing economy have caused traders to anticipate three hikes in the US interest rate as opposed to two. In the domestic market, tight liquidity conditions and the expectation of higher Government borrowing next fiscal had a dampening effect. The Government auction schedule for the first six months of the fiscal is likely to be announced this week.

The 8.07 per cent-11-year 2017 paper opened and closed at Rs 105 (7.39 per cent YTM), down from Tuesday's Rs 105.23. The 9.39 per cent-5-year-2011 paper opened at Rs 109.35 (7.22 per cent YTM) and closed at Rs 109.40 (7.21 per cent YTM), lower than the previous close at Rs 109.44 (7.2 per cent YTM).

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