(20 Feb 2025, 12:28)

Indian yield curve shifted downwards across tenor says RBI

The Reserve Bank of India (RBI), stated in its monthly update that yield on the 10-year G-sec benchmark moderated to 6.75 per cent on February 13, 2025 from 6.85 per cent on January 15, 2025. This moderation was in line with the softening US treasury yields, a decline in crude oil prices, and RBI’s liquidity injection operations. The yield curve shifted downwards across the tenor. Between January 16 and February 13, 2025, the average term spread (10-year G-sec yield minus 91-day T-bills yield) narrowed to 24 bps from 27 bps in the previous month. The spread of the 10-year Indian G-sec yield over the 10-year US bond fell to 217 bps as on February 14, 2025 from 314 bps in mid-September and 286 bps a year ago. The volatility of yields in the Indian bond market further eased and remained low relative to US treasuries amidst positive sentiments on fiscal consolidation following the announcement of the Union Budget and from inclusion of Indian government bonds in global indices.

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Indian yield curve shifted downwards across tenor says RBI