Bond yields traded higher on Friday as finance minister Nirmala Sitharaman said the sharp decline in the growth of gross domestic product (GDP) in the September quarter is ‘not systemic’ and revealed that she expects it to pick up in the third quarter.
In the global market, U.S. Treasury bond yields rose Thursday as investors digested a weaker-than-expected jobs report and looked ahead to further economic data due this week. Furthermore, Oil prices were up slightly on Thursday ahead of an Opec+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring geopolitical tension in the Middle East.
Back home, the yields on new 10 year Government Stock were trading 17 basis points higher at 6.85% from its previous close of 6.68% on Thursday.
The benchmark five-year interest rates were trading 22 basis points higher at 6.83% from its previous close of 6.61% on Thursday.
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