India’s 10-yr bond yield hits 2-year high tracking US peers, crude
Live MintIndia's benchmark 10-year bond yield hit a two-year high on Monday, tracking an uptick in U.S. yields and a continued rise in global crude oil prices which has raised expectations of rate increases by the Reserve Bank of India. India's benchmark 10-year bond yield rose 6 basis points from Friday's close to 6.64%, its highest since Jan. 22, 2020. The RBI has held its key repo rate at a record low since mid-2020 but has started scaling back secondary market bond purchases and withdrawing liquidity through short-term reverse repurchase auctions as it begins policy normalisation. Oil prices edged up on Monday as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant.