Bond yields edged lower on Friday even after Union Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar stated that India is moving towards positive changes. He also said ‘the current scenario of India has changed, within the country and at the world level. Today we have the capability of making our nation strong in every respect.’
In the global market, U.S. Treasury yields rose on Thursday as investors weighed hawkish commentary from Federal Reserve Chair Jerome Powell on the prospects of further interest rate hikes targeted at reining in inflation. Furthermore, oil prices slid about 2% on Thursday as China stood by its zero-COVID policy and an increase in U.S. interest rates pushed up the dollar, raising fears of a global recession that would crimp fuel demand.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 7.47% from its previous close of 7.48% on Thursday.
The benchmark five-year interest rates were trading 1 basis point lower at 7.41% from its previous close of 7.42% on Thursday.