Bond yields traded higher on Friday with the finance ministry’s report stating that India's improved monsoon performance, continued expansion in manufacturing, and vigorous capital expenditure spending by the public and private sectors augur well for macroeconomic stability and growth during FY24.
In the global market, treasury yields popped on Thursday, and hovered near its highest level since November, as investors assessed fresh economic data and continued to evaluate the fallout from Fitch’s U.S. downgrade. Furthermore, oil prices gained on Thursday as Saudi Arabia and Russia took steps to keep supplies tight into September and possibly beyond.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.20% from its previous close of 7.19% on Thursday.
The benchmark five-year interest rates were trading 1 basis point higher at 7.18% from its previous close of 7.17% on Thursday.