Bond yields edged higher on Thursday despite UN report stating that India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent, warning that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally.
In the global market, U.S. Treasury yields were mixed on Wednesday following an auction of 30-year bonds that was better received than note auctions earlier this week and the release of minutes from the Federal Reserve's March meeting. Furthermore, crude futures rose on expectations the world's largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with the coronavirus-driven collapse in global oil demand.
Back home, the yields on new 10 year Government Stock were trading 4 basis points higher at 6.48% from its previous close of 6.44% on Wednesday.
The benchmark five-year interest rates were trading 1 basis point higher at 5.92% from its previous close of 5.91% on Wednesday.