India central bank to buy up to 150bn rupees of bonds via open market on Thursday

MUMBAI: The Reserve Bank of India will buy up to 150 billion rupees ($2.24 billion) of government bonds through open market operation (OMO) on Thursday, the central bank said in a release on Monday.

The RBI will buy 8.27 percent 2020 bond, 8.35 percent 2022 bond, 8.40 percent 2024 bond, 8.33 percent 2026 bond, 8.60 percent 2028 bond and 8.32 percent 2032 bond under OMO, it said.

This will be RBI's third bond OMO purchase in March. The central bank has been conducting buying bonds under OMO to ease tight cash condition which is typical in last month of the fiscal year ending March.