Bond yields edged higher on Thursday with Finance Minister Nirmala Sitharaman's statement that India has ramped up the import of crude oil from Russia at discounted prices amid sanctions on Moscow as part of the country's inflation management.
In the global market, U.S. Treasury yields rose on Thursday after Federal Reserve Chairman Jerome Powell reiterated that the U.S. central bank’s priority is to tackle inflation, before highly anticipated consumer price data is due next week. Furthermore, oil prices turned down after a slight rebound in the previous session, leaving them set to fall for a second straight week on worries that central banks' aggressive rate hikes and China's COVID-19 curbs will hurt demand.
Back home, the yields on new 10 year Government Stock were trading 2 basis point higher at 7.15% from its previous close of 7.13% on Wednesday.
The benchmark five-year interest rates were trading 3 basis points lower at 6.95% from its previous close of 6.98% on Wednesday.