• On Tuesday, the 10-year benchmark government bond (6.94% GS 2036) opened 1bp lower at 6.84% tracking the overnight fall in prices of Brent crude oil. • Over the day, 10Y yield stayed lower as intraday Brent crude oil prices fell to near pre-war levels. • The better-than-expected cut-off yields on state bonds at the auction supported market sentiments. RBI offered 10Y Delhi at 7.57%, 10Y Tamil Nadu at 7.38% and 10Y Uttar Pradesh at 7.72%. • Indian rupee ended lower at 94.92/$ vs 94.73/$ on dollar buying by importers. • The 10Y point ended 1bp lower at 6.83% vs 6.84%. The latest banking system liquidity stands in deficit of ~INR 199.72 Bn.
