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Bond yields edge higher on Thursday

27 Jul 2023 Evaluate

Bond yields edged higher on Thursday amid expressing optimism over the India’s economy, Prime Minister Narendra Modi has laid bare his blueprint for a third term of his government, and said that India will become the third largest economy in the world with a faster growth rate than now.

In the global market, U.S. Treasury yields fell on Wednesday after the Federal Reserve raised rates by 25 basis points, as was widely expected, citing still elevated inflation. Furthermore, Oil prices fell on Wednesday, after data showed U.S. crude inventories fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point.

Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 7.11% from its previous close of 7.09% on Wednesday.

The benchmark five-year interest rates were trading 2 basis points higher at 7.10% from its previous close of 7.08% on Wednesday.

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