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Bond yields trade higher on Monday

06 Feb 2023 Evaluate

Bond yields were trading higher on Monday after private report stated that India’s foreign exchange reserves rose by $3.03 billion to $576.761 billion in the week ending on January 27, 2023. The reserves are currently at their multi-month highs with the latest three consecutive weeks' rise.

In the global market, U.S. Treasury yields rose Friday after jobs data came in much better than expected. Furthermore, oil prices fell to over three-week lows on Friday in a volatile session, after strong U.S. jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products.

Back home, the yields on new 10 year Government Stock were trading 5 basis points higher at 7.32% from its previous close of 7.27% on Friday.

The benchmark five-year interest rates were trading 6 basis points higher at 7.21% from its previous close of 7.15% on Friday.

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