On March 11, 2026, India sold ₹80 billion of 364-day T-bills, ₹120 billion of 182-day T-bills, and ₹140 billion of 91-day T-bills. Yields rose slightly across all maturities, reflecting tighter liquidity and cautious investor sentiment. The auction highlights the Reserve Bank of India’s balancing act amid evolving market conditions.
Key Highlights
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364-day bills: ₹80B sold at ₹94.6709, yield 5.6445% (vs. 5.6000% last auction).
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182-day bills: ₹120B sold at ₹97.3120, yield 5.5397% (vs. 5.5350%).
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91-day bills: ₹140B sold at ₹98.6917, yield 5.3171% (vs. 5.3126%).
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Trend: Yields edged higher across maturities, signaling tight liquidity and cautious investor sentiment.
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Market impact: Reflects RBI’s ongoing strategy to manage short-term borrowing costs while balancing inflation and growth.
India’s money market witnessed a notable auction on March 11, 2026, with the government selling a combined ₹340 billion worth of Treasury bills across three maturities. The auction results showed a slight uptick in yields, indicating tighter liquidity conditions and cautious investor positioning.
The 364-day T-bills worth ₹80 billion were sold at ₹94.6709, with yields rising to 5.6445%, compared to 5.6000% in the previous auction. Similarly, the 182-day T-bills worth ₹120 billion cleared at ₹97.3120, with yields at 5.5397%, marginally higher than 5.5350% earlier. The 91-day T-bills worth ₹140 billion were sold at ₹98.6917, with yields climbing to 5.3171% from 5.3126%.
Analysts suggest the upward movement in yields reflects short-term liquidity pressures and investor caution amid global uncertainties. The Reserve Bank of India’s calibrated approach ensures borrowing costs remain manageable while maintaining market stability.
This auction underscores India’s reliance on short-term debt instruments to meet funding needs, while also offering investors a safe avenue amid volatile conditions.
Sources: Reuters, Reserve Bank of India