Bond yields traded lower on Wednesday as the United Nations Conference on Trade and Development (UNCTAD), in its report for 2020, titled From Global Pandemic to Prosperity for All: Avoiding Another Lost Decade, has projected India’s economy to contract 5.9% in 2020
In the global market, the U.S. dollar held onto gains against major currencies, supported by positive U.S. economic data and concerns about a second wave of coronavirus infections in Europe and Britain. Furthermore, oil prices fell after an industry group reported a rise in U.S. crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week.
Back home, the yields on new 10 year Government Stock were trading 2 basis points lower at 5.99% from its previous close of 6.01% on Tuesday.
The benchmark five-year interest rates were trading 3 basis points lower at 5.35% from its previous close of 5.38% on Tuesday.