Bond yields edged higher on Wednesday, as traders were concerned with the Centre for Monitoring Indian Economy’s (CMIE) report stating that unemployment rate in India rose to 7.2 % in February 2019, the highest since September 2016, and up from 5.9 % in February 2018.
In the global market, revived fears about the progress of US trade negotiations with China muted an earlier jump in US Treasury bond yields on a report showing business activity and spending jumped in non-manufacturing sectors in February. Furthermore, Oil prices fell, as bullish output forecasts by two big US producers and a build in US crude stockpiles outweighed ongoing OPEC-led efforts to rein in crude production.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.57% from its previous close of 7.56% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point higher at 7.06% from its previous close of 7.05% on Tuesday.