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G-Secs rally as govt and RBI ease foreign investing rules
Bonds rallied after govt and RBI announced measures to encourage foreign investment in govt securities on Friday. The yields on benchmark 10-year govt securities (G-Secs) softened to 6.94% in early trades, from 6.99% on Thursday, after the govt said foreign portfolio investors (FPIs) would be exempted from long-term capital gains and withholding taxes on interest from G-Secs. Prices of bonds and their yields move in opposite directions.
From tax waivers to free hedges, RBI & govt join hands to boost Rupee
In a coordinated move, govt and RBI Friday rolled out a clutch of measures aimed at attracting foreign portfolio investors and non-resident funds to govt bonds and bank deposits. The strategy is as much about sentiment as it is about flows: signalling openness, easing friction, and offering a small subsidy from RBI in the form of free insurance cover to banks against rupee depreciation. As a result, the rupee gained by 84 paise to close at 94.95 compared with Thursday's close of 95.79 - its...