Bond yields were trading higher on Tuesday ahead of India’s Q3 gross domestic product (GDP) numbers for the fiscal year 2022-23 to be out later in the day. In the previous quarter, the GDP growth rate moderated to 6.3% after a double-digit growth in Q1.
In the global market, U.S. Treasury yields fell Monday as investors continued to monitor the outlook for inflation and the economy. Furthermore, Oil prices slid on Monday as strong U.S. economic data had investors bracing for more interest rate hikes from the U.S. Federal Reserve to fight inflation which could also cut oil demand.
Back home, the yields on new 10 year Government Stock were trading 2 basis points lower at 7.46% from its previous close of 7.44% on Monday.
The benchmark five-year interest rates were trading 1 basis point higher at 7.45% from its previous close of 7.44% on Monday.