However, the RBI's strategy of the buy/sell swaps in the mid to longer maturities has pushed those forwards lower. In mid-December, the 1-year implied yield fell below 2% for the first time in four months.
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emissary he had deployed. Although sceptical, I bounded off to North Block and was ushered in. It was my first official meeting with the FM. I conveyed the request, not a direction, of the prime minister. Dr Singh was puzzled — I could see that on his face — by the message or, perhaps, the messenger. He listened politely and told me that the second step had already been taken within minutes of the markets opening at 10 am.
