Macro and Government Bond Commentary: Yields rise with INR depreciation, liquidity still in deficit despite CRR cuts, month-end GOI spends • 10Y benchmark (7.10 GS 2034) opened little changed in absence of fresh cues. Yields were ranged with a slightly upward bias – weighed by continued depreciation in INR. The 10Y point closed trade at 6.82% vs 6.81% prev. • As on 1st Jan, system liquidity deficit was at INR 1.05tn (without adjusting for daily CRR imbalances)
