Bond yields traded lower on Wednesday, tracking an overnight slump in crude oil prices and ahead of a note purchase by the Reserve Bank of India on Thursday.
In the global market, Benchmark US Treasury yields fell to their lowest in almost three weeks on Tuesday as tumbling equity markets worldwide fed investor demand for low-risk debt. Furthermore, Oil prices extended falls from the previous day, when crude slumped as much as 5 percent, after Saudi Arabia said it would make up for supply disruptions from US sanctions targeting Iran's petroleum exports from next month.
Back home, the yields on new 10 year Government Stock were trading 5 basis points lower at 7.84% from its previous close of 7.89% on Tuesday.
The benchmark five-year interest rates were trading 6 basis points lower at 7.83% from its previous close of 7.89% on Tuesday.