Bond yields traded higher on Wednesday amid Krishnamurthy V Subramanian, executive director, International Monetary Fund (IMF), said Indian economy is slated to grow to $55 trillion by 2047, if the country is able to register an average real growth rate of 8 per cent in the coming years with average inflation remaining around 5 per cent.
In the global market, U.S. Treasury yields were little changed on Tuesday as investors wait for commentary from the Federal Reserve on inflation, interest rates and the economy. Furthermore, Oil prices fell about 1% to a two-week low on Tuesday as Middle East supply concerns eased after Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, and as economic weakness in China weighed on fuel demand.
Back home, the yields on new 10 year Government Stock were trading 11 basis points higher at 6.96% from its previous close of 6.85% on Tuesday.
The benchmark five-year interest rates were trading 12 basis points higher at 6.90% from its previous close of 6.78% on Tuesday.
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