Bond yields edged higher on Tuesday, as investors’ maintained cautious approach ahead of a state debt auction scheduled for today.
In the global market, U.S. Treasury yields rose as investors awaited Wednesday's statement from the Federal Reserve’s July meeting for new indications about when the U.S. central bank will begin paring its bond holdings and next raise interest rates. Furthermore, oil prices extended gains after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with production cuts to help rein in global oversupply and tackle flagging prices.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.43% from its previous close of 6.41% on Monday.
The benchmark five-year interest rates were trading 2 basis points higher at 6.52% from its previous close of 6.50% on Monday.