Bond yields traded lower on Thursday, despite government has given green signal to a pact between India and Fiji. The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing of a Memorandum of Understanding (MoU) between the Ministry of Agriculture of Indian government and Ministry of Agriculture of the Republic of Fiji in this regard
In the global market, longer-term U.S. Treasury yields rose on Wednesday, as investors looked to comments from Federal Reserve Chair Jerome Powell on Thursday for signs the central bank was poised to concede the risk of a rapid rise in interest rates. Furthermore, oil prices rose for a second straight session, as the possibility that OPEC plus producers might decide against increasing output at a key meeting later in the day underpinned alongside a drop in U.S. fuel inventories.
Back home, the yields on new 10 year Government Stock were trading 2 basis points lower at 6.21% from its previous close of 6.23% on Wednesday.
The benchmark five-year interest rates were trading 1 basis point higher at 5.80% from its previous close of 5.79% on Wednesday.