........ Following the CRR cut in January, and then in February, yields on the 10-year benchmark government bonds eased on the hope that interest rates have peaked and a rate cut is around the corner. RBI, however, disappointed the street by holding the rates during the mid-quarter review in March and sounded a hawkish note. The RBI's March statement, along with the high government borrowing numbers announced during the Budget, hardened bond yields. However, there is also a view that CRR should not be seen as either of the tools.
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