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Coronavirus Cases Over 100k For First Time

INDIA

Yields higher in early trade. Indian markets return after a holiday with a raft of developments to digest.

  • The RBI reportedly sold INR 38.8bn of debt in the secondary market last week, a surprise move as the RBI is usually an active buyer in the market to suppress yields. It is understood the RBI conducted the operation to make space on the books for additional purchases.
  • Elsewhere, there is still concern of coronavirus cases. India announced 103,558 new infections in the past 24 hours, a record increase. Because of this Maharashtra, which contains Mumbai, will impose restrictions from 2000IST on Monday. All non-essential services will be halted while private offices have been asked to work from home.
  • Markets look ahead to the RBI meeting on Wednesday this week.

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