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Bond yields trade higher on Thursday

01 Aug 2024 Evaluate

Bond yields traded higher on Thursday as traders took support as Commerce and Industry Minister Piyush Goyal has expressed optimism about India’s ambitus target to become a $55-trillion economy by 2047 and said that steps such as focus on self-sufficiency, technology, stronger currency and fundamentals would help the country to achieve this target. 

In the global market, U.S. Treasury yields fell Wednesday after Federal Reserve Chair Jerome Powell hinted at a potential rate cut in September. Furthermore, Oil prices rose on Thursday, extending gains from the previous session, after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and concern over its impact on oil.

Back home, the yields on new 10 year Government Stock were trading 11 basis points higher at 7.03% from its previous close of 6.92% on Wednesday.

The benchmark five-year interest rates were trading 10 basis points higher at 6.93% from its previous close of 6.84% on Wednesday.


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