Bond Yields Rise Ahead of RBI Policy Decision
By ThePip Desk
New 10-year Indian government bond yields rose to 7.21% on Monday as traders await the upcoming Reserve Bank of India policy verdict.
Bond yields on new 10-year Government Stock traded 1 basis point higher at 7.21% on Monday, moving up from a previous close of 7.20% on Thursday.
Traders remained largely on the sidelines as they awaited the Reserve Bank of India policy verdict scheduled for the week.
Key Market Figures
- 10-year Government Stock yield: 7.21%
- Previous 10-year close: 7.20%
- Yield change: 1 basis point
- Benchmark five-year interest rate: 6.86%
Global and Commodity Cues
In international markets, treasury yields hovered near multidecade highs on Friday as investors looked past slower-than-expected job creation in the United States while weighing long-term economic outlook concerns. Crude oil prices fell on Monday as rising crude exports from the Middle East and a planned release of emergency oil stocks by Group of Seven nations eased immediate supply concerns. Heightened geopolitical tensions ultimately served to limit those oil price losses.
Domestic Benchmark Rates
Domestic fixed income action remained relatively measured alongside the 10-year sovereign debt movement.
The benchmark five-year interest rates traded flat, holding steady with the previous close of 6.86% recorded on Thursday.