Bond yields traded higher on Wednesday, as investors remained on the sideline as Commerce and Industry Minister Suresh Prabhu warned that the decline in world trade and slowing global economy will have an impact worldwide.
In the global market, US Treasury yields were little changed on Tuesday as the bond market settled into a tight trading range in the aftermath of wild swings stemming from worries about inflation and a rout across global equities. Furthermore, US oil prices extended gains after industry data showed a surprise decline in US crude inventories.
Back home, the yields on new 10 year Government Stock were trading 5 basis points higher at 7.92% from its previous close of 7.87% on Tuesday.
The benchmark five-year interest rates were trading 6 basis points higher at 7.92% from its previous close of 7.86% on Tuesday.