The Indian government bought back bonds maturing in 2024 from the Reserve Bank of India on Tuesday, while also issuing bonds maturing in 2032 worth a similar quantum, the central bank said.

• "The transaction involved buying back a security maturing in FY2024/25 from the Reserve Bank and issuing fresh security for equivalent market value, to make the transaction cash neutral," the RBI said in a press release.
• The government bought back 6.18% bonds maturing in 2024 worth 226.10 billion rupees ($2.78 billion) at a price of 98.62 rupees while it issued 8.28% 2032 bonds worth 210.26 billion rupees to the RBI at 106.05 rupees, the release showed.
• India is likely to undertake bond switch auctions with the RBI to meet its target for fiscal.