Bond yields were trading higher on Monday, as Union minister Piyush Goyal has said that India would become the third largest economy in the world (from fifth position at present) in the next five years and by 2047 could be at the level the United States of America is at present.
In the global market, U.S. Treasury yields rose Friday as investors reacted to the Federal Reserve’s latest meeting minutes and the latest inflation data. Furthermore, oil edged higher in volatile trade on Friday, and was flat on the week, with prices supported by the prospect of lower Russian exports but pressured by rising inventories in the United States and concerns over global economic activity.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 7.44% from its previous close of 7.41% on Friday.
The benchmark five-year interest rates were trading 6 basis points higher at 7.46% from its previous close of 7.40% on Friday.