Bond yields traded lower on Wednesday despite Minister of State of Commerce and Industry Anupriya Patel said India is likely to record exports worth $46 billion to the ASEAN region. She noted that as one of the largest destinations for Indian exports, the Association of South East Asian Nations will be an important region for India in meeting the global export target of $400 billion in financial year 2021-22.
In the global market yields, U.S. Treasury yields rose on Tuesday as investors waited on comments on Friday by Federal Reserve Chair Jerome Powell for any new indications on when the central bank is likely to begin paring bond purchases. Furthermore, oil prices fell, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico's production and signs that China, the world's biggest importer, has curbed a recent coronavirus outbreak.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 6.24% from its previous close of 6.25% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point lower at 5.68% from its previous close of 5.69% on Tuesday.