• On Thursday, the 10Y benchmark (6.48 GS 2035) opened 4bp lower at 7.04% due to heightened expectations of a peace deal between the US and Iran. • During the day, the 10Y point jumped, erasing earlier gains after a Bloomberg report that the Reserve Bank of India was considering a repo rate hike to support the rupee amid its sharp fall. • INR broke its 9-day losing streak and gained sharply against the dollar to settle at 96.20/$ vs 96.82/$. • The 10Y point ended 3bps higher at 7.11% vs 7.08%. • The latest system liquidity stands in surplus of ~INR 1286.30 Bn.
