India's 10-yr bond yield hits 7.5%, highest since 2019 ahead of RBI policy

India's benchmark 10-year bond yield rose to its highest levels since March 2019 in early trade on Monday as investors prepared for around a 50-basis-point rate increase later this week

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Yield rose as high as 7.5004%, its highest since March 22, 2019.
Reuters MUMBAI
1 min read Last Updated : Jun 06 2022 | 11:44 AM IST

MUMBAI (Reuters) - India's benchmark 10-year bond yield rose to its highest levels since March 2019 in early trade on Monday as investors prepared for around a 50-basis-point rate increase later this week while higher global crude oil prices also hurt sentiment.

India's benchmark 10-year bond yield was trading at 7.4965%, up 4 basis points from its previous close. Yield rose as high as 7.5004%, its highest since March 22, 2019.

The Reserve Bank of India will concentrate interest rate hikes over the coming months in a relatively short tightening cycle, according to a Reuters poll of economists who expect the repo rate to reach its terminal level early next year.

Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.

 

(Reporting by Swati Bhat; Editing by Shri Navaratnam)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :Bond YieldsGlobal crude oil price

First Published: Jun 06 2022 | 11:41 AM IST

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