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Yields finished higher for the second day yesterday amid constructive risk tone in India where the equity markets finished at record highs and the rupee rose for the first day in four. Inflows into equity markets helped support the rupee, with a lower CPI print earlier in the week assuaging fears of premature tightening from the RBI. Markets look ahead to WPI data today to confirm inflationary pressures receding, wholesale prices are expected to rise 11.15% in September from 11.39% previously. Elsewhere the RBI will auction INR 240bn of government bonds, the auction bought forward a day due to market holiday for Dussehra being observed tomorrow.

  • The RBI will auction three lines consisting of:
    • INR 130bn 6.1% 2031 bonds
    • INR 40bn FRB 2034 bonds
    • INR 70bn 6.76% 2061 bonds