•The 10Y IGB yield hardened from 6.77% to 6.95% during the month amid hawkish RBI MPC minutes, elevated crude prices and higher US yields. Hawkish Fed commentary at Jackson Hole also weighed on sentiment. •India merchandise trade deficit widened to $31.9 Bn in July from $30.4 Bn in June, driven mainly by a higher oil import bill and elevated global freight rates
