Bond yields edges higher on Friday
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Bond yields edged higher on Friday with Economic Affairs Secretary Ajay Seth’s statement that the measures taken by Reserve Bank of India (RBI) will increase inflows of overseas funds and help in strengthening the rupee against the US dollar.
In the global market, U.S. Treasury yields rose on Thursday as investors waited on key jobs data due on Friday for clues about the strength of the economy as the Federal Reserve hikes interest rates in a bid to tackle inflation. Furthermore, Oil prices slipped in early Asian trade, following a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen oil demand.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 7.37% from its previous close of 7.35% on Thursday.
The benchmark five-year interest rates were trading 3 basis points higher at 7.17% from its previous close of 7.14% on Thursday.
