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INDIA

Yields are set to fall at the open after rising slightly yesterday. Oil lost ground yesterday which should ease some concerns over inflation overshoots for India as net importers.

  • Forwards indicate a higher open for INR, USD/INR 1-month NDF's have fallen from around 73.45 at yesterday's cash close to 73.42.
  • India reported a record number of coronavirus deaths in the past 24 hours, though case numbers have declined from their peak. The government now sees COVID-19 positivity rate falling to 2% by the end of May. The R number is now below one, but the government warned that 98% of the population are still vulnerable.
  • Markets look ahead to an INR 360bn bill sale later today, as well as the latest GSAP operation tomorrow.

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