Bond yields edged higher on Wednesday, amid Finance Ministry’s statement that tax officials detected Rs 37,946 crore worth of tax fraud in 2018-19 and Rs 6,520 crore in the April-June period of the current financial year after the GST implementation.
In the global market, US Treasury yields rose on Tuesday after data showed that US retail sales increased more than expected in June, adding to recent evidence that the economy is improving. Furthermore, Oil steadied after falling more than 3% overnight, with US crude trailing Brent after US inventory data fell short of expectations, amid conflicting signals from the US and Iran over the disputes that have roiled prices recently.
Back home, the yields on new 10 year Government Stock were trading 5 basis points higher at 6.38% from its previous close of 6.33% on Tuesday.
The benchmark five-year interest rates were trading 7 basis points higher at 6.42% from its previous close of 6.35% on Tuesday.