News

Indian bonds rallied the most in four months after the central bank announced fresh measures to boost banking-system liquidity, including government bond purchases and a foreign-exchange swap.

The yield on the benchmark 10-year bond fell as much as eight basis points on Wednesday, the most since Aug. 14, to 6.56%.

The Reserve Bank of India said after market hours on Tuesday that it will buy 2 trillion rupees ($22 billion) of bonds in four tranches over December and January. The RBI also said it will conduct a $10 billion foreign-exchange swap next month.

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