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Mumbai, Dec 10

Bond prices were rangebound throughout the day as traders were cautious ahead of the US Federal Reserve meeting on Tuesday. Total traded volumes on the order-matching system were at Rs 4,175 crore. Dealers said that they expected the US Fed to cut interest rates by 25-50 basis points. “A 25 basis point cut in rates has been discounted by the bond market. But if there is a 50 basis point cut then the widening interest rate differential between India and the US would m ean that there would be more FII inflows in the country,” said a dealer at a private bank. Traders said that China raising its reserve requirement for banks also added to the negative sentiment. The 8.33 per cent-29 year-2036 paper opened at Rs 100.84 (8.25 per cent YTM) and closed at Rs 100.87 (8.25 per cent YTM), against the previous close at Rs 100.81 (8.26 per cent YTM). The 7.99 per cent-10 year-2017 paper opened at Rs 100.79 (7.87 per cent YTM) and closed at Rs 100.71 (7.88 per cent YTM), against the previous close at Rs 100.78 (7.87 per cent YTM).

— Our Bureau

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Rupee rangebound in dull trade

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