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The Indian rupee has slipped to its lowest level since December 18, trading at around 64.26 against the US dollar while 10-year bond yield rose to 7.33 percent, the highest level since July 13, 2016.Indranil Sen Gupta of Bank of America Merrill Lynch said the government's decision to borrow another Rs 50,000 crore was an avoidable negative surprise in an already nervous G-Sec market.
The sell off in G-Secs is delaying lending rate cuts, notwithstanding bank recapitalisation and pushing back recovery, he added.
While the Finance Ministry has pointed out that this will get funded by maturity of T-Bills, TB maturity typically releases liquidity in the 'busy' industrial season in the March quarter, he said.
According to Gupta, it would have been better for the Center to have drawn down its surplus balances with the RBI.
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