Bond yields edged lower on Monday, as the Reserve Bank of India unexpectedly announced an open market purchase of notes to meet durable liquidity needs going forward.
In the global market, U.S. Treasury yields were little changed on Friday after dropping to multiweek lows, supported by U.S. equity gains as investors believed a weaker-than-expected jobs report will not deter the Federal Reserve from raising interest rates at the June meeting. Furthermore, U.S. oil prices rose above $70 a barrel for the first time since November 2014, as a deepening economic crisis in Venezuela threatened the country's already tumbling oil supplies.
Back home, the yields on new 10 year Government Stock were trading 9 basis points lower at 7.64% from its previous close of 7.73% on Friday.
The benchmark five-year interest rates were trading 5 basis points lower at 7.72% from its previous close of 7.77% on Friday.