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Drumbeat: Ad Buzzaar
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Thursday, May 28, 1998
Rs 4000 cr paper devolves on RBI
ENS ECONOMIC BUREAU
MUMBAI, May 27: Indicating the tightening liquidity position, 99.9 per cent of the Rs 4000-crore nine-year paper auction devolved on the Reserve Bank of India on Wednesday. The RBI pegged the cut-off rate at 11.90 per cent, which is in line with the primary market yield curve.This is the highest devolvement on the RBI at a primary auction of gilts this fiscal year. Earlier, on April 15, RBI took about 40 per cent devolvement of the eight-year, Rs 4,000 crore paper. "It would have been better if the RBI had advised the government to go for a private placement of this security," an analyst in a leading brokerage house said. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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