Bond yields edged lower on Friday as market participants awaited weekly debt sale for further cues.
In the global market, U.S. Treasury yields sank to an over four-month low in Asian trade on Thursday, after the Federal Reserve said it was done raising interest rates and flagged deeper-than-expected rate cuts in 2024. Furthermore, Oil prices continued to rise on Friday, gaining for a third consecutive session, and looked set to break a seven-week losing streak on a weaker US dollar and higher demand forecasts for 2024.
Back home, the yields on new 10 year Government Stock were trading 2 basis points lower at 7.17% from its previous close of 7.19% on Thursday.
The benchmark five-year interest rates were trading 6 basis points lower at 7.06% from its previous close of 7.12% on Thursday.