Indian government bond yields rose at the start of the week, tracking a spike in US Treasury yields after strong economic data dampened bets of rate cuts by the Federal Reserve.
India’s benchmark 10-year yield was at 7.0310 per cent as of 10:00 a.m. IST on Monday, following its previous close of 7.0168 per cent. The yield had risen last week, after easing for six weeks.
“We have another eventful week coming up, with factors both locally as well as globally that could provide strong direction, but for now, we may see the yield in a 7.01 per cent-7.05 per cent band,” a trader with a primary dealership said.
US bond yields rose after the economy created far more jobs than expected in May and annual wage growth re-accelerated, pushing the 10-year yield higher by 15 basis points on Friday.
The US nonfarm payrolls increased by 272,000 jobs, against…
