• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.72% tracking the uptick in US treasury yields post jobs data. • Over the day, the 10Y point eased tracking the fall in 5-year OIS amid surplus liquidity. The optimism continued after India CPI inflation came in line with market expectations. India's CPI inflation in the new (2024) series for January came at 2.75%, compared to 1.33% in Dec 2025. • Meanwhile, Indian rupee ended higher at 90.59/$ vs 90.70/$ on dollar selling by exporters. • The 10Y point ended 3bp lower at 6.68% vs 6.71%. • The latest banking system liquidity stayed in surplus of ~INR 2864.04 Bn.
