• The 10-year benchmark government bond (6.48% GS 2035) opened 2bp higher at 6.92% as Brent crude oil surged amid a fragile ceasefire agreement between Iran and the US. • Over the day, the 10Y point continued to rise on the back of afloat crude oil prices and lack of clarity on whether the US-Iran ceasefire will hold. • Meanwhile, Indian rupee ended lower at 92.66/$ vs 92.58/$ on persistent dollar purchases by banks on behalf of importers during the day. • The 10Y point ended 6bp higher at 6.96% vs 6.60%. The focus is on tomorrow’s weekly bond auction of INR 340 Bln. • The latest banking system liquidity stayed in surplus of ~INR 4573.89 Bn.
