Bond yields traded lower on Wednesday despite commerce ministry’s data showing that the country’s exports grew 5.37 percent Y-o-Y to $27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors.
In the global market yields, U.S. Treasury yields climbed on Tuesday and the yield curve steepened on supply concerns as Congressional Democrats were set to take initial steps to advance President Joe Biden's massive COVID-19 relief plan. Furthermore, oil rose in early trade on expectations global oil stocks will fall back to more normal levels this year and as U.S. lawmakers moved closer to approving President Joe Biden's $1.9 trillion COVID-19 aid bill without Republican support.
Back home, the yields on new 10 year Government Stock were trading 4 basis points lower at 6.08% from its previous close of 6.12% on Tuesday.
The benchmark five-year interest rates were trading 11 basis points lower at 5.54% from its previous close of 5.65% on Tuesday.