India stocks, rupee, swaps, call at 10 a.m. IST

STOCKS:

The benchmark BSE Sensex SENSEX fell 242.83 points, or 0.39%, to 62,591.77, while the broader NSE index NIFTY lost 106.2 points, or 0.57%, to 18,594.85, tracking Asian shares as data showing strength in the U.S. economy raised fears of a prolonged high interest-rate cycle, while focus shifts to the local central bank's monetary policy decision due Wednesday.

RUPEE:

The Indian rupee USDINR weakened 0.53% versus the U.S. dollar, and quoted at 82.23 per dollar, falling below a key level that likely prompted traders to exit their bets on the Asian unit.

GOVERNMENT BONDS:

The benchmark 10-year bond (IN072632G=CC) was quoted at 100.14 rupees – with yield up 1 bps at 7.2374% vs its previous close of 7.2254% – tracking a rise in U.S. yields, while traders now await the RBI's monetary policy decision.

OVERNIGHT INDEXED SWAPS:

The one-year overnight indexed swap rate (INRAMONMI1Y=) was up 1 bps at 6.60%, while the benchmark five-year swap rate (INRSMONMI5Y=) stayed fixed to 6.24%.

CALL MONEY/REPOS:

India's overnight call money (INROND=) rate was up 15 bps at 5.75%. The overnight TREPS rate (INTREPTOT=TCCL) was at 5.63%, compared with the previous day's weighted average of 5.6241%.