Bond yields traded higher on Friday as Union Commerce and Industry Minister Piyush Goyal has said exports have reached nearly $15 billion for the first half of August, after posting the highest-ever monthly performance in July at $35 billion. He said “It will be a record-breaking year for exports. Exports are engaging with new products, new services, new markets and the world is looking at India as a trusted partner”.
In the global market U.S. Treasury yields fell on Thursday as risk appetite worsened on concerns about the spread of COVID variants, and a day after the Federal Reserve said it expects to begin paring bond purchases this year. Furthermore, oil prices came off three-month lows on Friday but were on track for a weekly decline of around 6% as new lockdowns in countries with low vaccination rates facing surging cases of the Delta variant dimmed the outlook for fuel demand.
Back home, the yields on new 10-year Government Stock were trading 1 basis point higher at 6.23% from its previous close of 6.22% on Wednesday.
The benchmark five-year interest rates were trading 3 basis points higher at 5.68% from its previous close of 5.65% on Wednesday.