The benchmark 10-year bond yield on Wednesday fell below the 6.5% mark for the first time in more than three years on easing liquidity, govt's decision to almost equally spread its borrowings for the fiscal and the stability of rupee in recent weeks. In addition, there are heightened expectations that the RBI will cut interest rates in its meeting next week. In Wednesday's market govt bonds maturing in Oct 2034, opened at a yield of 6.55% compared to Tuesday's close at 6.58%, and rallied through the session to close at 6.48%. For bonds, prices and yields move in opposite directions.