India bond yields open sharply lower, traders cite erroneous trade

MUMBAI: The 10-year benchmark government bond yield opened sharply lower at 6.3911% on Wednesday, after a stray deal worth 50 million rupees ($570,638.16) was hit on the central bank’s negotiated dealing platform, traders said.

The 10-year bond yield soon moved higher to trade at 6.4991% as of 9:40 a.m. IST compared to its previous close of 6.4920%.

A senior trader at a private bank said in most cases such wrong trades would be reversed but the process takes fairly long. Reuters