Bond yields edged higher on Wednesday as Fitch Ratings retained India's economic growth forecast at 7 per cent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year.
In the global market, U.S. Treasury yields fell on Tuesday, giving back some of the gains seen in the previous session, after economic data hinted that the Federal Reserve may need to hike rates for longer. Furthermore, U.S. oil prices fell in frenzied trading on Tuesday to their lowest settlement levels this year, with Brent finishing below $80 per barrel for the second time in 2022, as investors fled the volatile market in an uncertain economy.
Back home, the yields on new 10 year Government Stock were trading 4 basis points higher at 7.28% from its previous close of 7.24% on Tuesday.
The benchmark five-year interest rates were trading 6 basis points higher at 7.16% from its previous close of 7.10% on Tuesday.