• On Thursday, the 10Y benchmark (6.94 GS 2036) opened 2bp lower at 6.76% with crude oil prices falling to their lowest level since the beginning of the US-Iran war. • During the day, the 10Y yield dropped to 6.74% after better-than-expected weekly gilt auction, 6.68% GS 2040 at 7.0530%, 7.43% GS 2076 at 7.5346%. However, few market participants booked profits on caution ahead of the extended weekend. • The rupee ended higher against the dollar tracking the fall in crude oil prices. INR ended at 94.40/$ vs 94.66/$. • The 10Y point ended flat at 6.78%. • The latest system liquidity stands in deficit of ~INR 103.12 Bn.
