MUMBAI: The Reserve Bank of India raised 62.32 billion rupees ($978.34 million) through the open market operation bond purchase auction on Friday, against the notified 80 billion rupees.

The RBI received total bids worth 279.66 billion rupees at the auction, including bids worth 61.46 billion rupees for the 10-year benchmark 2023 bonds.

The cut-off price for the 7.16 percent 2023 bonds was 92.74 rupees, yielding 8.2571 percent lower than the poll forecast of 8.2914 percent.

For the 8.15 percent 2022 bonds, the RBI set a cut-off price of 96.88 rupees, yielding 8.6608 percent, higher than the poll forecast of 8.6407 percent.

For the 8.33 percent 2026 bonds, the RBI set a cut-off price of 96.93 rupees, yielding 8.7296 percent, marginally lower than the poll forecast of 8.7456 percent.

For the 8.97 percent 2030 bonds, the RBI set a cut-off price of 101.80 rupees, yielding 8.7632 percent, marginally lower than the poll forecast of 8.7800 percent.