RBI To Purchase INR 250bn Via GSAP

The RBI will conduct the latest round of its GSAP 2.0 operation today, purchasing iNR 250bn from five lines; 7.59% 2026, 8.28% 2027, 7.59% 2029, 7.88% 2030 and 6.64% 2035 issues.

• Elsewhere FinMin Sitharaman said late yesterday that the government had taken measures to address inflationary pressures in food stemming from hoarding and supply shortages. The government has reduced duties on several staples in addition to other measures. Revenue Secretary Bajaj said that inflation was expected to remain in the RBI's 4%-6% target band. Bajaj also said that GST collections have maintained momentum and expects monthly collections of INR 1.1tn to be the new normal.
• Markets also continue to digest comments from RBI Governor Das yesterday that the RBI would maintain its accommodative stance in order to support growth. Speaking to the Business Line newspaper Das said policymakers need to wait for economic recovery to take hold before changing their accommodative monetary policy stance.