Yields Edge Up as Government Raises ₹190 Billion in T‑Bill Auction

In the latest weekly Treasury bill auction, the Government of India mobilised ₹190 billion through 91‑day, 182‑day and 364‑day securities, with cut-off prices implying slightly higher yields across the curve. The results indicate healthy subscription while reflecting a mild upward bias in short-term money-market rates.

Market participants will read the move as consistent with the Reserve Bank of India’s focus on maintaining orderly liquidity while keeping policy rates unchanged, even as global rate expectations turn more data-dependent.

Key highlights

364‑day T‑bills: ₹60 billion sold at a price of 94.7963, implying a yield of 5.5044%, up from 5.4949% in the previous auction.

182‑day T‑bills: ₹60 billion sold at 97.3326, corresponding to a yield of 5.4961% versus 5.4785% earlier.

91‑day T‑bills: ₹70 billion sold at 98.7012, implying a yield of 5.2780%, slightly higher than 5.2702% at the last sale.

The marginal uptick across tenors points to steady demand with investors seeking safe, short-term sovereign paper amid evolving global rate cues.

Sources: Government of India Treasury Bill auction results; Reserve Bank of India data; market auction disclosures.