Bond yields were trading higher on Monday, as Commerce and Industry Ministry in its latest data has indicated that India's merchandise exports spurt to a record high of $418 billion in the 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals. Merchandise exports were worth $292 billion in 2020-21.
In global front, a closely watched part of the yield curve reinverted on Friday as a strong jobs report for March supported the view that the Federal Reserve will need to aggressively hike rates to stem soaring inflation and a tight labor market. Furthermore, oil prices extended losses as investors eyed the release of supplies from strategic reserves from consuming nations, while a truce in Yemen could ease supply disruption concerns in the Middle East.
Back home, the yields on new 10 year Government Stock were trading 6 basis points higher at 6.90% from its previous close of 6.84% on Thursday.
The benchmark five-year interest rates were trading 7 basis points higher at 6.17% from its previous close of 6.10% on Thursday.