Bond yields traded lower on Wednesday, traders took note of a report that India will impose duties on imports within the norms of the World Trade Organisation (WTO) to protect domestic industry and boost the economy.
In the global market, US Treasury yields climbed on Tuesday, with the 10-year yield scaling to a four-month peak, on bets about Federal Reserve interest rate increases in the coming months and poor demand so far for this week's supply of government debt. Furthermore, Brent oil edged further away from a four-year high and US crude fell, after the US said it would ensure crude markets are well supplied before sanctions are re-imposed on Iran and as President Donald Trump criticized high prices.
Back home, the yields on new 10 year Government Stock were trading 4 basis points lower at 8.09% from its previous close of 8.13% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point lower at 8.16% from its previous close of 8.17% on Tuesday.