India bonds stuck in narrow range despite rise in US peers
Bond prices move inversely to yields.
The yield on the benchmark 10-year bond was at 6.2943% as on 9:45 a.m. IST, after closing at 6.2933% on Monday.
"There are literally no cues for traders to take the yields in any direction, so this week should see light trading," the trader said.
Treasury yields rose on Monday as President Donald Trump announced tariffs on numerous trading partners, including a 25% levy on imports from Japan and South Korea beginning August 1.
Yields have been on an uptrend as traders pared bets on the quantum of rate cuts by the Federal Reserve this year after jobs data for June on Thursday showed employers added more jobs than economists had forecast.
Meanwhile, oil prices also rise as signs of strong demand outweighed the impact from a higher-than-expected output hike for August from Organization of the Petroleum Exporting Countries and allies.
Back home, traders continue to eye the next action from the Reserve Bank of India on liquidity management, as banking system liquidity surplus continues to remain elevated, with overnight rates moving below the floor of the monetary policy corridor. RATES India's overnight index swap rates did not see any large activity, as traders eye more cues.
The one-year OIS rate and the two-year OIS rate were not yet traded after ending at 5.51% and 5.48%. The liquid five-year was marginally higher at 5.69% (Reporting by Dharamraj Dhutia)
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