印度5年期国债 (India5Y) 加自选

卢比可能受到美联储降息和美国贸易信号疲软的提振。印度卢比预计将在周四开盘小幅走高，受美元走软的支撑，此前有进一步迹象表明，美国总统唐纳德·特朗普在关税问题上采取了和解态度，对美联储今年晚些时候降息的预期也在上升。

Rupee likely to be buoyed by Fed cut bets, softer US trade signals.The Indian rupee is expected to open marginally higher on Thursday, supported by a weaker dollar following further signs that U.S. President Donald Trump is taking a conciliatory approach on tariffs and on rising expectations of Federal Reserve rate cuts later this year.

卢比坚持温和的价格走势，隐含波动率回落。周三，印度卢比收盘微涨，连续第三个交易日在双边客户流量和缺乏确定货币方向偏差的线索方面坚持区间价格走势。

Rupee's sticks to muted price action, implied volatility retreats.The Indian rupee ended slightly higher on Wednesday, sticking to rangebound price action for a third consecutive session on two-sided client flows and the absence of cues to firm a directional bias on the currency.

印度BSE Sensex指数周三收于82515点，上涨约0.2%，此前一天几乎平静，受美国与包括中国和印度在内的主要贸易伙伴之间贸易谈判取得进展迹象的IT股推动。据说，在伦敦举行了两天的高层会谈后，美国和中国官员就贸易协议框架达成一致，而印度官员也表示双边会谈取得了进展。与此同时，外国机构投资者（FII）在6月10日连续第三个交易日继续买入。与此同时，投资者正在等待当天晚些时候即将公布的美国通胀数据和印度周四公布的CPI，以进一步指导货币政策。在个股中，HCL Technologies（+3.1%）、Infosys（+2%）和Tech Mahindra（+1.7%）收盘涨幅最大。然而，在最近的上涨之后，金融和银行面临着持续的抛售压力，因为投资者在印度储备银行大幅降息后锁定了利润。

India's BSE Sensex closed about 0.2% up at 82,515 on Wednesday, following an almost muted session in the prior day, driven by IT stocks on signs of progress in trade talks between the US and key trading partners, including China and India. The US and Chinese officials were said to have agreed on a framework for a trade deal following two days of high-level talks in London, while Indian officials also indicated progress in bilateral talks. At the same time, foreign institutional investors (FIIs) continued their buying streak for a third straight session on June 10th. Meanwhile, investors awaited upcoming US inflation data later in the day and India's CPI release on Thursday for further guidance on monetary policies. Among individual stocks, HCL Technologies (+3.1%), Infosys (+2%) and Tech Mahindra (+1.7%) ended as the top gainers. However, financials and banks faced continued selling pressure after recent gains, as investors locked in profits following the RBI’s outsized rate cut.

印度10年期政府债券收益率徘徊在6.35%左右，此前三个交易日因印度储备银行出人意料地降息50个基点和政策立场转变引发的利润预订而上涨至一个月来的最高水平。在6月6日的货币政策委员会会议上，印度储备银行大幅降息，这是五年来最大幅度的降息，降低了现金储备率（CRR），并出人意料地改变了中立立场，这表明进一步宽松的空间有限。虽然此举最初推高了债券价格，但专注于印度储备银行指导的交易员录得利润，导致价格回落，收益率上升。与此同时，央行宣布，在12月至5月期间向银行注入创纪录的1000亿美元后，将停止对金融体系的日常流动性注入。由于金融体系中的现金过剩，国债收益率仍低于回购利率，偏离了有效货币传导所需的通常的紧密一致性。

The yield on India’s 10-year government bond hovered around 6.35%, after rising over the previous three sessions to the highest in a month on profit-booking triggered by the RBI’s surprise 50 basis point repo rate cut and shift in policy stance. In its June 6 Monetary Policy Committee meeting, the RBI delivered an outsized rate cut, its steepest in five years, reduced the cash reserve ratio (CRR), and unexpectedly changed to a neutral stance, signaling limited scope for further easing. While the move initially boosted bond prices, traders focusing on the RBI’s guidance booked profits, causing prices to ease and yields to rise. Meanwhile, the central bank announced it would stop daily liquidity injections in the financial system after pumping a record $100 billion into banks between December and May. With surplus cash in the system, treasury bill yields remain below the repo rate, deviating from their usual close alignment necessary for effective monetary transmission.