• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.65% ahead of IGB weekly auction. • Over the day, the 10Y point hardened at 6.68% on short-selling by market participants. • The cut-off yields for the weekly IGB auction were on expected lines for 6.01% GS 2030 paper, while it came better for New GS 2076. RBI offered 6.01% GS 2030 at 6.4743% and New GS 2076 at 7.43%. • However, Indian rupee sharply lower against the dollar, posting its biggest single-day fall in nearly two months at 90.87/$ vs 90.30/$ on dollar demand by importers and rise in dollar index. • The 10Y point closed 3 bps higher at 6.68% vs 6.65%.
