Bond yields edged lower on Monday even after latest data published by the Reserve Bank of India showed that India’s forex reserves surged by $4.54 billion to $648.7 billion as of May 17, marking an all-time high.
In the global market, U.S. Treasury yields were little changed Friday as investors weighed recent economic data releases. Furthermore, oil prices crept higher on Friday, having been under pressure from lingering concerns that sticky inflation could prolong higher interest rates and curb fuel demand.
Back home, the yields on new 10 year Government Stock were trading 2 basis point lower at 6.97% from its previous close of 6.99% on Friday.
The benchmark five-year interest rates were trading 1 basis point lower at 7.03% from its previous close of 7.04% on Friday.