• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.68%. • The 10-year government bond weakened during the day, with the yield touching 6.70%, tracking weakness in the rupee and the US 10-year Treasury. • A sharp fall in the domestic currency weighed on bond prices, as the rupee slipped to an intraday low of 90.9950/$, close to its record low of 91.0775/$ hit on Dec 16. • Meanwhile, the five-year OIS hardened by 4 basis points to close at an 11-month high of 6.07%. • The 10Y point closed 1 bps higher at 6.69% vs 6.68%.
