Bond yields edged higher on Thursday as Reserve Bank Governor Shaktikanta Das said the growth for 2022-23 is expected to be more than the advance estimate of 7 per cent on the back of economic momentum maintained in the third and fourth quarters of the last fiscal. Besides, broader indices are outperforming larger peers with gains of around 0.30%.
In the global market, Benchmark U.S. Treasury yields edged lower on Wednesday after minutes released from the Federal Reserve's last meeting showed agreement that the case for further interest-rate tightening had become ‘less certain.’ Furthermore, oil prices rose 2% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.00% from its previous close of 6.99% on Wednesday.
The benchmark five-year interest rates were trading 1 basis point higher at 6.92% from its previous close of 6.91% on Wednesday.