• The 10-year benchmark government bond (6.48% GS 2035) opened 3bp lower at 6.65% after government switched FY27 bonds with RBI. • Over the day, the 10Y point surged on profit-booking. Meanwhile, the result of the INR 310 Bn weekly gilt auction came broadly on expected lines. RBI offered New GS 2031 at 6.36% and 7.43% GS 2076 at 7.4823%. • INR ended lower at 90.64/$ vs 90.59/$ on dollar buying by importers. • The 10Y point closed flat at 6.68%. • The latest banking system liquidity stands in surplus of ~INR 3031.48 Bn.
