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Bond yields rise

Mumbai, Jan. 28: Bond yields shot up today by 10-15 basis points as a market, already jittery over war-fears in Iraq, reacted negatively to the news that the government may raise funds from the domestic markets to repay $ 2.8-billion foreign loans.

The government yesterday announced its intention to prematurely repay ADB and IBRD loans worth $ 1254 million and $ 1549 million, respectively in the current fiscal. This would be financed by domestic market borrowings for which the government will raise about Rs 13,000 crore. Yield on the benchmark rose to a high of 6.2440 per cent after which it finished at 6.20 per cent, higher by 11 basis points over its last close.

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