Bond yields traded lower on Wednesday as Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh stating that hardening interest rates globally and worsening geo-political situation have impacted the foreign direct investment (FDI) inflows into India in 2022-23.
In the global market, the benchmark U.S. 10-year Treasury yield declined on Tuesday as a deal to raise the U.S. debt ceiling and avoid potential default reassured investors. Furthermore, Oil futures settled Tuesday at their lowest in nearly four weeks, with U.S. prices ending below $70 a barrel, as traders waited on the outcome of a meeting of the Organization of the Petroleum Exporting Countries and its allies that is set for this coming weekend.
Back home, the yields on new 10-year Government Stock were trading 2 basis points lower at 6.99% from its previous close of 7.01% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points lower at 6.92% from its previous close of 6.94% on Tuesday.