Bond yields traded flat on Thursday, after Foreign Secretary Harsh Vardhan Shringla has said that the government has set an ambitious target of $400 billion exports for financial year 2021-22. Shringla also highlighted that the Indian economy has returned to the high growth path and the country’s economy grew at a record 20.1 percent year-on-year in April-June quarter (Q1FY22), helped by a low base of the year-ago period coupled with improved manufacturing in spite of a devastating second wave of Covid-19 cases.
In the global market, U.S. Treasury yields hovered near highs for the year in choppy trading after data released Wednesday suggested the job market and consumer spending continue to improve. Furthermore, Oil prices ticked lower with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand.
Back home, the yields on new 10 year Government Stock were trading flat with previous close of 6.36% on Wednesday.
The benchmark five-year interest rates were trading 2 basis points lower at 5.76% from its previous close of 5.80% on Wednesday.
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