India's unexpected early closure of a special window to attract foreign currency deposits has led traders to cut their bullish bets on a stronger rupee and short-term bonds. Citigroup raised its near-term cap for the rupee's appreciation from 94 rupees to the dollar to 95 rupees to the dollar and lowered its inflow estimate under the mechanism by $10 billion to $70 billion. Industrial and Commercial Bank of China, meanwhile, stated that the "space" for the popular yield curve steepening trade—where the spread between short- and long-term bond yields widens—has diminished.