• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.67%. • Over the day, the movement in 10Y point was tracking the crude oil prices. The 10Y point surged to 6.69% as Brent crude oil for May delivery hit $90/barrel, up from around $87/barrel. Tracking the rise in crude prices, OIS rates also rose. • However, some short covering was witnessed towards the end of market hours as Brent crude oil prices for May delivery briefly eased below $90/barrel. • The 10Y point closed 3bp lower at 6.64% vs 6.67%. • Meanwhile, the rupee ended lower at 92.04/$ vs 91.91/$ on dollar buying by importers. The latest banking system liquidity stayed in surplus of ~INR 2743.11 Bn.
