Bond yields edged lower on Monday despite Global rating agency Moody’s has raised India’s Gross Domestic Product (GDP) growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of ‘stronger-than-expected’ economic data of 2023 and fading global economic headwinds.
In the global market, U.S. Treasury yields declined Friday as investors digested fresh economic data and assessed how they could impact future Federal Reserve monetary policy moves. Furthermore, oil prices rose on Friday and were heading for weekly gains, as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh US and Chinese economic data.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 7.05% from its previous close of 7.06% on Friday.
The benchmark five-year interest rates were trading 1 basis point higher at 7.06% from its previous close of 7.05% on Friday.