• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.67% after the RBI said the government will switch four gilts maturing in FY27 with five other bonds. • Over the day, the 10Y point rose to 6.70% level on profit-booking ahead of India’s Q3FY27 GDP data due tomorrow. India's GDP growth for Oct-Dec will be based on the new series and second advance estimate for GDP growth in FY26 is also scheduled to be released tomorrow. The India's GDP growth is expected around 7.5% for the December quarter. • Meanwhile, Indian rupee ended higher at 90.91/$ vs 90.95/$ on RBI’s active presence to limit the fall in local unit on the back of importers dollar demand. • The 10Y point ended 1bp higher at 6.69% vs 6.68%. • The latest banking system liquidity stayed in surplus of ~INR 2253.63 Bn.
