• On Thursday, the benchmark 10Y bond (6.94% GS 2036) opened 1 bp higher at 7.45% as Brent continues to trade above $110/bbl levels. • RBI Oct MPC minutes were released on Wednesday post market hours and were largely in line with expectations, indicating that further rate hikes remain possible, with the policy path dependent on inflation trends, commodity prices, and domestic demand. • Over the day, the 10Y IGB briefly touched 7.465% as Brent crude climbed above $112/bbl after Houthi forces targeted Saudi Arabia’s civilian and energy infrastructure, heightening concerns over potential oil supply disruptions in West Asia. • INR closed at 94.82/$ with DXY hovering around 101.8 levels. 10Y point closed the day 2 bps higher at 7.46% vs 7.44%. • Banking system liquidity surplus narrowed to INR 5 Bn. RBI conducted Overnight VRR auction worth INR 500 Bn to inject liquidity, with the auction fully subscribed at 5.54%.
