Bond yields traded higher on Thursday as External Affairs Minister S Jaishankar said that India is strengthening its relationship with Europe and both sides can bring greater stability to the international economy and global politics.

In the global market, benchmark 10-year Treasury yield moved lower on Wednesday as investors digested weaker-than-expected ADP jobs data and continued to monitor geopolitical uncertainty. Furthermore, oil extended declines on Wednesday as investors digested statements from President Donald Trump that the U.S. had reached a deal to import up to $2 billion worth of Venezuelan crude, a move that would lift supplies to the world’s largest oil consumer.

Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 6.62% from its previous close of 6.61% on Wednesday.

The benchmark five-year interest rates were trading 1 basis point higher at 6.35% from its previous close of 6.34% on Wednesday.