Coffee Can Newsletter – February, 2019

After deteriorating macros through the early part of last year, the December quarter saw a favorable macro backdrop. INR appreciated by 4% to $69.5 after reaching all-time low at $74.5 in early October & Brent crude recovered from over $80/bbl to $53/bbl. 10Y bond yields also rallied 60Bps to 7.4% as the RBI undertook several measures to stabilize liquidity post the tightening of financial conditions from IL&FS default.