10-year yield falls 6 bps to close at 7

10-year yield falls 6 bps to close at 7.22%

Benchmark yields on Wednesday closed at 7.22%, six basis points lower than the previous close of 7.28%, as softer inflation trends locally as also in the US cheered the sentiment.

The sentiment was further buoyed after a finance ministry official said there is no plan to tinker with the borrowing calendar and the fiscal deficit target of 5.9% for FY24, would be met. There is no worry on growth as of now, he said.

Inflation is expected to climb to 5.6% by December and thereafter remain in the range of 4.9 to 5.6% for the next two quarters.