• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.53% ahead of IGB weekly auction. • Over the day, market participants booked their profits taking advantage of the recent rise in prices. The focus is on Reserve Bank of India's open market operation auctions due on Monday. • The weekly auction cut-off came mixed, the shorter duration paper witnessed a tail while the longer tenor cut-off came in line with expectations. The RBI offered 5.91% GS 2028 at 5.8316%, 6.28% GS 2032 at 6.5842% and 7.24% GS 2055 was offered at 7.3086%. • However, Indian rupee ended lower at 89.85/$ on month-end dollar demand by importers. • The 10Y point closed 2bps higher at 6.56% vs 6.54%.
