Bond yields edged higher on Friday as Union Minister Jitendra Singh said that under Prime Minister Narendra Modi, India is fast moving to become an economic powerhouse, driven by its extraordinary technological and innovative capabilities which the whole world has begun to acknowledge, particularly after the COVID vaccine success story.
In the global market, U.S. Treasury yields tracked higher on Thursday after Wall Street received Q1 GDP figures that came in much lower than anticipated. Furthermore, Oil prices steadied on Thursday after the previous day's price drop erased the supportive impact of a surprise cut to OPEC production targets this month.
Back home, the yields on new 10 year Government Stock were trading 4 basis points higher at 7.05% from its previous close of 7.01% on Thursday.
The benchmark five-year interest rates were trading 3 basis points lower at 7.01% from its previous close of 7.04% on Thursday.
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