Bond yields edged higher on Monday with Niti Aayog Vice-Chairman Rajiv Kumar’s statement that India will still grow at 6-7 per cent in the next 2023-24 fiscal even as the economy may be affected by uncertain global conditions.
In the global market, U.S. Treasury yields were higher on Friday as Federal Reserve officials suggested interest rates would go higher still, after recent economic data had given investors hope about inflation easing. Furthermore, Oil prices dropped on Friday on track for a second weekly decline, due to concern about weakened demand in China and further increases to U.S. interest rates.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 7.32% from its previous close of 7.30% on Friday.
The benchmark five-year interest rates were trading 2 basis points higher at 7.19% from its previous close of 7.17% on Friday.