Bond yields traded higher on Wednesday as the World Bank said India would remain the fastest-growing economy in terms of both aggregate and per capita gross domestic product (GDP) among the largest emerging market and developing economies in FY24.
In the global market, treasury yields edged higher on Tuesday as the market awaits the release next week of consumer price data followed by a Federal Reserve meeting in which futures traders expect policymakers to pause their aggressive hiking of interest rates. Furthermore, Oil prices eased about 1% on Tuesday as worries that sluggish global economic growth could reduce energy demand outweighed Saudi Arabia's pledge to deepen output cuts.
Back home, the yields on new 10-year Government Stock were trading 1 basis point higher at 6.98% from its previous close of 6.97% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points higher at 6.92% from its previous close of 6.90% on Tuesday.