Mumbai, Jan. 30 -- The Reserve Bank of India on Friday conducted an auction of the 6.48% Government Security maturing in 2035, raising close to the notified amount amid strong investor demand and a smooth underwriting outcome.

The central bank had notified an issuance size of Rs 32,000 crore. Competitive bids worth Rs 75,494.20 crore were received, more than twice the offer size, reflecting sustained appetite for sovereign debt.

The cut-off price for the 6.48% GS 2035 was set at 98.28, translating into a yield of 6.7229%. The RBI accepted Rs 31,986.22 crore of competitive bids, with partial allotment applied to 42 bids. The weighted average price came in at 98.30, implying a yield of 6.7200%.

Non-competitive demand was modest, with six...