Bond yields edged higher on Friday as Commerce Secretary Sunil Barthwal’s statement that there is a huge scope for India to move in the global value chain systems and have high value-addition in global exports. India's share in global exports is less than 2 per cent. So, huge potential is there to boost the shipments despite global headwinds and low trade growth predictions.
In the global market, treasury yields jumped on Thursday, as traders continued to factor in higher interest rates while the resignation of U.K. Prime Minister Liz Truss ushered in hope for a period of fiscal prudence. Furthermore, oil prices gained on Thursday as investor sentiment rose on news that China is considering a cut in the duration of quarantine for inbound visitors.
Back home, the yields on new 10 year Government Stock were trading 6 basis points higher at 7.53% from its previous close of 7.47% on Thursday.
The benchmark five-year interest rates were trading 6 basis points higher at 7.45% from its previous close of 7.39% on Thursday.