Bond yields edged higher on Monday after the commerce ministry in its latest data has said India recorded the highest monthly exports during the fiscal in February 2024, registering an 11.9 per cent growth to $41.4 billion as compared to $37.01 billion in February 2023, mainly driven by increased shipments of engineering goods, electronic items and pharma products.
In the global market, U.S. Treasury yields rose on Friday as a mixed batch of data signaled a still resilient economy, boosting expectations for fewer interest rate cuts by the Federal Reserve this year. Furthermore, oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecast and an unexpected decline in U.S. stockpiles.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 7.08% from its previous close of 7.06% on Friday.
The benchmark five-year interest rates were trading 2 basis points higher at 7.07% from its previous close of 7.05% on Friday.