Bond yields traded flat on Friday with report that India’s services exports are expected to overtake merchandise exports in the next five years on the back of above-par growth in emerging areas of service economy.
In the global market, Treasury yields surged on Thursday on signs of persistent strength in the U.S. labor market, but gains on short-term bills were pared when top congressional Republican Kevin McCarthy said some progress had been made in talks to raise the debt ceiling. Furthermore, oil prices settled lower on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week.
Back home, the yields on new 10 year Government Stock were trading flat with its previous close of 7.00% on Thursday.
The benchmark five-year interest rates were trading 1 basis point lower at 6.92% from its previous close of 6.93% on Thursday.