Bond yields edged higher on Thursday as India and UAE trade has increased 15 per cent since the implementation of the free trade agreement in May 2022 and the two countries are on track to surpass the target of $100 billion in non-oil trade by 2030.
In the global market, U.S. Treasury yields rose on Wednesday as investors awaited the release of fresh economic data to assess the prospects of Federal Reserve rate cuts later this year. Furthermore, oil prices fell on Wednesday as worries over conflict in the Middle East eased and business activity in the United States slowed, although a fall in U.S. crude oil inventories put a floor on those losses.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 7.20% from its previous close of 7.18% on Wednesday.
The benchmark five-year interest rates were trading flat with its previous close of 7.18% on Wednesday.