Macro and Government Bond Commentary: Yields rise with global benchmarks, liquidity surplus narrows after GST payments • The 10Y benchmark (6.79 GS 2034) mildly higher at 6.25% tracking a rise in treasury yields overnight (following weak bond auction), though yields quickly fell in the morning session. Yields were broadly ranged through the day as markets closely await RBI surplus transfer for FY25. Some selloff was seen later in the day, despite correction in INR (the local currency depreciated to 86.06/$ with dollar shorts triggering stop loss at 85.70). The 10Y point closed trade at 6.27%
