Bond yields traded higher on Monday as World Economic Forum (WEF) President Borge Brende said India is expected to clock the highest growth among the world’s big economies this year and the country’s economy is witnessing the ‘famous snowball effect’ that will lead to more investments and more jobs.
In the global market, the 2-year Treasury yield rose Friday as investors awaited economic data that could affect Federal Reserve interest rate policy and as debt ceiling deal talks continued. Furthermore, Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt-ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.01% from its previous close of 7.00% on Friday.
The benchmark five-year interest rates were trading 2 basis point higher at 6.95% from its previous close of 6.93% on Friday.