OIS rates edge down; GDP data in focus

The benchmark 5-year OIS rate fell 1 bp to 7.13 percent, while the 1-year rate was unchanged at 7.80 percent as caution prevailed ahead of April-June GDP data due on Friday.

"There are talks of a sub-5 percent print on GDP, so dealers are going long bonds and receiving rates," a senior dealer with a foreign bank said.

Weaker-than-expected GDP data could add pressure on the RBI to cut rates at its mid-September policy review despite recent rhetoric language from the central bank.