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INDIA

Yields were broadly flat and the rupee gained yesterday as the planned easing of some Covid-related restrictions in the national capital Delhi and Maharashtra state boosted sentiment. The announcement of free vaccines yesterday has helped give INR another boost, forwards indicate USD/INR will decline at the open. Bond traders look ahead to state debt sales later in the session.

  • PM Modi announced free inoculations for everyone over 18 in a state address yesterday, the plan will start on June 21 and follows criticism of the vaccination roll out. Modi promised to speed up the vaccination programme and also announced the central government would procure the doses for individual states rather than asking provinces to compete for supplies as previously announced. Modi also announced the government will extend plans to distribute free food to those in need until November.