Bond yields traded lower on Wednesday as Nobel Laureate Abhijit Banerjee said India is among the worst performing economies in the world and the government’s economic stimulus was inadequate to tackle the problem.
In the global market, U.S. Treasury yields fell slightly, trading within a tight range as investors held off from making large moves ahead of employment data due on Wednesday and Friday. Furthermore, oil prices fell for a second day, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens.
Back home, the yields on new 10 year Government Stock were trading 2 basis points lower at 6.01% from its previous close of 6.03% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points lower at 5.39% from its previous close of 5.41% on Tuesday.