Allow me to give some more insights.. and then if you think the URL is essential, i'll post the domain name so you can take a look.
Thanks for your inputs so far.
1. My original post was made on 8th April. Today is the 11th and presently my bounce rate has lowered even more to 8%. Strange?
I re-read up on Google and checked my configuration. My IP address is filtered out, so there's no way that my visits are influencing the bounce rate.
2. During the past month the site had 842 unique visits and page views per visit is 4.33, the average time on site is 2.50 and 77.5% make up new visitors.
3. My Site has been online since 2008 and PR3.. not sure if that is influencing the numbers.
I think I won't be surprised if I see a 0% bounce rate in a few weeks time.