Bond yields traded higher on Monday as Reserve Bank of India showed India’s forex reserves jumped by $9.69 billion to hit an all-time high of $666.85 billion as of July 12.
In the global market, U.S. Treasury yields ticked higher on Friday as investors considered the path ahead for interest rates after the latest comments from Federal Reserve officials. Furthermore, oil prices settled over $2 lower on Friday at their lowest level since mid-June as investors eyed a possible ceasefire in Gaza, while a strengthened dollar drove values down further.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 6.97% from its previous close of 6.96% on Friday.
The benchmark five-year interest rates were trading 3 basis points higher at 6.94% from its previous close of 6.91% on Friday.