Bond yields traded higher on Thursday amid Reserve Bank of India (RBI) Governor Shaktikanta Das has said that India's growth story remains intact. He noted that the central bank’s 7.2 percent GDP growth projection for FY25 is not out of place and structural drivers are playing a bigger role in macroeconomic outcome. RBI Governor further said that data shows fundamentals of growth drivers are gaining momentum.
In the global market, US Treasury yields declined on Wednesday after labour market data bolstered the case for a larger rate cut from the Federal Reserve later in the month. Furthermore, U.S. crude oil fell more than 1% on Wednesday, tumbling below $70 per barrel and raising speculation that OPEC+ could delay production increases scheduled to begin next month.
Back home, the yields on new 10 year Government Stock were trading 12 basis points higher at 6.97% from its previous close of 6.85% on Wednesday.
The benchmark five-year interest rates were trading 11 basis points higher at 6.87% from its previous close of 6.76% on Wednesday.
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