Bond yields edged lower on Monday even after Reserve Bank of India's (RBI) weekly statistical supplement showed that India's foreign exchange reserves rose to $532.87 billion in the week through October 7. The country's reserves rose by $204 million from the previous week, the first increase since the week ended July 29.
On global front, US treasury yields pulled back higher on Friday to close the week near the highs for the cycle. Oil prices plummeted on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
Back home, the yields on new 10 year Government Stock were trading 7 basis points lower at 7.40% from its previous close of 7.47% on Friday.
The benchmark five-year interest rates were trading 12 basis points lower at 7.30% from its previous close of 7.42% on Friday.