Bond yields traded higher on Monday amid Reserve Bank said India’s forex kitty decreased by $462 million to $590.321 billion for the week ended November 10. In the previous reporting week, the overall reserves had increased by $4.672 billion to $590.783 billion.
In the global market, U.S. Treasury yields slipped further on Friday, as markets tried to gauge if the Federal Reserve's recent campaign of interest rate hikes has reached its peak following a week of soft inflation data. Furthermore, oil prices jumped on Friday, rebounding from a four-month low hit in the previous session, as investors who had taken short positions took profits and while U.S. sanctions on some Russian oil shippers lent support.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 7.24% from its previous close of 7.21% on Friday.
The benchmark five-year interest rates were trading 4 basis points higher at 7.27% from its previous close of 7.24% on Friday.