Bond yields traded lower on Wednesday as ongoing geopolitical tensions in the Middle East kept crude oil prices higher and raised global inflation concerns.
In the global market, the U.S. 30-year Treasury bond yield hit a new 19-year high on Tuesday as worries about the U.S. fiscal landscape and inflation persisted. Furthermore, oil prices rose for a fourth consecutive session on Wednesday as the U.S.-Iran standoff in the Strait of Hormuz showed few signs of ending soon, which in turn spurred bets on global supplies remaining tight in the coming months.
Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 6.82% from its previous close of 6.83% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points lower at 6.44% from its previous close of 6.46% on Tuesday.