Bond yields traded higher on Wednesday as India and the UK clinched a 'landmark' trade deal that will remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to $120 billion by 2030.
In the global market, Yields dropped on Tuesday after the U.S. Treasury’s 10-year note auction saw strong demand from domestic and foreign investors, even amid rising global trade tensions. Furthermore, oil gained on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about a market surplus persisted.
Back home, the yields on new 10 year Government Stock were trading 09 basis points higher at 6.44% from its previous close of 6.35% on Tuesday.
The benchmark five-year interest rates were trading 08 basis point higher at 6.16% from its previous close of 6.08% on Tuesday.
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