Year in Review: In uncertain times, 2019 an eventful year for bonds, rupee

The rupee started at 69.44 a dollar, and on December 27, closed at 71.32 a dollar.

The year 2019 was an interesting one where global, as well as domestic factors, exerted an equal pull to determine the value of the asset classes. Towards the end, the Indian central bank introduced a special open market operations (OMO) to bring down bond yields.
 
But this was not the only new tool that the central bank brought out from its arsenal. In March, it had introduced currency swaps as part of its new liquidity tool. The central bank swapped $10 billion with banks, for a three-year premia.
 
The rupee started at 69.44 a dollar, and on December