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Bond yields trade marginally higher on Wednesday

04 Oct 2023 Evaluate

Bond yields traded marginally higher on Wednesday as Reserve Bank of India (RBI) in its monthly data report on ‘India’s International Trade in services’ has showed that India's services exports surged 8.4% year-on-year to $28,719 million in August 2023, while imports of services during August 2023 fell 0.8% to $15,103 million.

In the global market, 30-year US Treasuries hit a 16-year high on Tuesday, as a sell-off in global bond markets pushed equities down and rocked currencies such as the yen and the rouble. Furthermore, oil prices recovered to settle slightly higher on Tuesday after sinking to three-week lows, pressured by a stronger U.S. dollar and darkening global economic signals but supported by tightening crude supply. 

Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 7.24% from its previous close of 7.23% on Tuesday.

The benchmark five-year interest rates were trading 3 basis points higher at 7.27% from its previous close of 7.24% on Tuesday.

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