Bond yields traded lower on Wednesday after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) held its benchmark repo rate at 5.25?per?cent and maintained policy stance at 'neutral' amid global uncertainty.
In the global market, Treasury yields moved lower on Tuesday, following oil prices, after new comments from Treasury Secretary Scott Bessent on the prospects of an agreement to open the Strait of Hormuz. Furthermore, oil prices edged lower on Wednesday, as optimism grew that an interim agreement between the U.S. and Iran could be reached to restore shipping through the Strait of Hormuz.
Back home, the yields on new 10 year Government Stock were trading 3 basis points lower at 6.78% from its previous close of 6.81% on Tuesday.
The benchmark five-year interest rates were trading 6 basis points lower at 6.35% from its previous close of 6.41% on Tuesday.