|
Monday January 5, 09:30 AM
|
|
Rupee rises, bonds rally on policy moves
MUMBAI (Reuters) - The rupee rallied and federal bond yields plunged to lifetime lows on Monday following coordinated fiscal and monetary measures by policymakers to boost sagging growth.
India slashed its main interest rates by 1 percentage point on Friday, its fourth cut in four months, and tried to draw more funds into the country to boost growth as it warned of a tough year ahead.
At 9:07 a.m., the partially convertible rupee was at 48.25/26 per dollar, above Friday's close of 48.58/60.
The 10-year federal bond yield fell to a life-time low of 4.86 percent, below Friday's close of 5.07 percent. At 9:07 a.m., it was at 4.94 percent.
