Bond yields traded higher on Monday, as India strengthening ecosystem via rapid structural reforms to become $5 trillion economy by 2025. Union Minister Piyush Goyal has said new markets were being explored aggressively to enhance the reach of Indian products globally. He added ‘the Indian diaspora living abroad have more familiarity with consumer markets.
In the global market, the dollar extended a rebound, as sharp gains in U.S. yields and hopes for more stimulus to boost the world's largest economy prompted some investors to temper bearish bets, pulling the currency further away from recent multi-year lows. Furthermore, oil prices fell on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China, the world's second-largest oil user, after a jump in cases there.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 5.92% from its previous close of 5.89% on Friday.
The benchmark five-year interest rates were trading 10 basis points higher at 5.20% from its previous close of 5.10% on Friday.