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Mumbai: The Reserve
Bank of India will sell Rs6,0000 crore ($1.5 billion) worth of market stabilisation
scheme (MSS) bonds on October 25, an official statement said. The
Reserve Bank will auction Rs3,000 crore of 5.87 per cent 2010 bonds and Rs3,000
crore of 11.30 per cent 2010 bonds. The
MSS scheme aims to soak up cash from the banking system generated by RBI''s own
intervention in the currency markets. RBI
auctioned `11.30 per cent government stock, 2010 for a notified amount of Rs5000
crore on October 18 under the market stabilization scheme (MSS). RBI received
90 competitive bids worth R 7,865 crore for the bills. However, it accepted only
40 bids for the notified amount. The cut-off yield determined at 7.8571 per cent
at a price of Rs108.41. It
also auctioned 5.87 per cent 2010 stock for a notified amount of Rs5,000 crore
under the MSS for which it received 175 competitive bids worth Rs15,75 crore.
However, it accepted only 25 bids for the notified amount. The cut-off yield determined
at 7.79 per cent of Rs96.15.
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