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Our Bureau

Mumbai , Feb. 6

AFTER having earlier announced that the Union Government will not borrow in February, the Government said on Friday that it would borrow Rs 5,000 crore between February 23 and 27.

This unexpected announcement, which came from the RBI after market hours, was expected to cause a knee-jerk reaction of a small fall in prices in the Government securities market on Saturday, said market players.

This Rs 5,000-crore auction issue had earlier been scheduled for the first week of February as per RBI's published auction calendar and was announced to be cancelled by Mr D. Swaroop, Expenditure Secretary, earlier this week.

The news of the first-ever cancellation of auction due to the Government's surplus position of Rs 27,000 crore had been read by the market as a positive signal with a rally in bond prices.

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