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Story summary
- The Reserve Bank of India rejected all bids at a treasury bill auction.
- The government aimed to raise 230 billion rupees through 91-, 182- and 364-day bills.
- Traders said cutoff yields likely exceeded the RBI’s expectations for each maturity.
- The 364-day note spread to the RBI policy rate hit 99 basis points, a four-year high.
- Markets expect at least another 75 basis points of rate hikes, prompting cautious bidding.