Indias benchmark 10-year government bond yield rose to its highest level in nearly two years at 6.56%, following a rally in US treasury yields. Long term treasury yields in the US are trading at a year high at 1.76% after FOMC minutes showed the Fed might hike interest rates sooner than anticipated. Meanwhile, the Reserve Bank of India kept the interest rate at a record low of 4% and pledged to maintain an accommodative stance to support economic recovery from the pandemic-induced slump, which further weighed on the domestic bond market. Last week, the CSO estimated fiscal growth at 9.2%, which is 300 basis points (bps) lower than the Reserve Bank of Indias 9.5% forecast for the year. At the same time, the Omicron strain of the coronavirus continues to spread rapidly in the country, prompting several state governments to impose fresh restrictions. Meanwhile, the Indian rupee is currently quoting at 74.16 against the dollar.
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