Government bond prices surged on Wednesday, with yield on the 10-year benchmark paper dropping 10 basis points (bps) as a slump in crude oil prices amid global growth concerns strengthened hopes of the Reserve Bank of India (RBI) adopting a less aggressive path for rate hikes.
Yield on the 10-year benchmark 6.54 per cent 2032 paper settled at 7.29 per cent, against 7.39 per cent on Tuesday.
Bond prices and yields move inversely. A fall of 1 bps in the yield on the 10-year paper corresponds to a rise in price of roughly 7 paise. Brent crude oil futures fell 3.02 per cent on Wednesday, trading around $99.67 per barrel, while West Texas Intermediate Futures shed 3.25 per cent to trade at $96.27 per barrel.
The slide in international fuel prices comes amid strengthening fears of a global economic recession and consequently lower demand for the commodity - amid steep interest-rate hikes by the US Federal Reserve.
This story is from the July 07, 2022 edition of Business Standard.
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This story is from the July 07, 2022 edition of Business Standard.
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