Gold Silver Reports – Money Market Report – Traders got some relief yesterday with sovereign bonds gaining by the most in nearly two months as buyinginterest returned. Gains were bolstered after the government made a pitch for a ratings upgrade to Fitch Ratings.
Money Market Report
The benchmark 10-year yield fell 10 basis points to 7.68 percent. Sustainability of bond gains is the key question as has been the case with such recent rallies, EdelweissSecurities said in a note late Wednesday
“Bonds are still very much susceptible to global and domestic triggers, and so the rallyneeds to be backed by continued positionbuilding momentum via the large investors,” Edelweiss said. “The market’s focus will turn today to globalfactors like U.S. yields and crude oil prices.”
Concern on both these fronts has helped drive yield gains for seven straight months.
The rupee gained 0.1 percent Wednesday to 64.89 against the dollar for the fourthday of losses. Forward imply the currency will starttrading around 64.94. – Goldman Neal Bhai Reports
