Bond yields traded lower on Wednesday, as the government appointed former economic affairs secretary Shaktikanta Das as the twenty-fifth governor of the Reserve Bank of India, after Urjit Patel abruptly resigned earlier this week amid reported differences of opinion with New Delhi.
In the global market, US Treasury yields rose on Tuesday, as equities bounced amid positive developments in trade negotiations between the United States and China. Furthermore, Oil prices climbed by more than 1 percent, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilise markets as well as hopes that long-running Sino-American trade tensions could ease.
Back home, the yields on new 10 year Government Stock were trading 11 basis points lower at 7.42% from its previous close of 7.53% on Tuesday.
The benchmark five-year interest rates were trading 7 basis points lower at 7.39% from its previous close of 7.46% on Tuesday.
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