Bond yields edged flat on Wednesday after Commerce and Industry Minister Piyush Goyal has said that the country's merchandise and services exports are likely to cross $760 billion in the current fiscal ending March 31 (FY23). Exports grew to $676 billion in 2021-22 from $500 billion. He added that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well.
In the global market, U.S Treasury yields climbed on Tuesday as fears of a crisis in the banking sector were assuaged and investors assessed what could be on the horizon for the U.S. economy and Federal reserve policy decisions. Furthermore, Crude oil prices edged up on Tuesday, extending sharp gains from the previous session on supply disruption risks from Iraqi Kurdistan and hopes that banking sector turmoil is contained.
Back home, the yields on new 10-year Government Stock were trading flat with its previous close of 7.32% on Tuesday.
The benchmark five-year interest rates were trading 4 basis points higher at 7.25% from its previous close of 7.21% on Tuesday.