Bond yields traded higher on Thursday despite report stating that increasing commodity prices forced the government’s crude oil import bill to swell by a massive 190.6% on-year basis in the first quarter to reach $24.7 billion. India’s crude oil import value during the quarter stood at 51 million tonne, up 14.7% from the previous year.
In the global market, Yields on U.S. Treasuries rebounded for a second day on Wednesday, with a sale of 20-year government debt on the weak side, as fears of new COVID-19 lockdowns eased and a rally in equity markets suggested renewed optimism about a robust economic recovery. Furthermore, oil prices held on to most of their gains from the previous session, as signs of stronger demand helped offset an unexpected rise in U.S. inventories.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.13% from its previous close of 6.11% on Tuesday.
The benchmark five-year interest rates were trading 5 basis points higher at 5.68% from its previous close of 5.63%on Tuesday.