India 10-year yield jumps to 6.6290%; sharp move from prior close

India’s 10-year benchmark yield finished at 6.6290%, marking a notable rise and tracking recent strength toward the 6.63% area seen in intra-day moves this financial year. Market participants point to foreign selling in fully accessible route (FAR) securities and a reassessment of the domestic easing path as supportive of higher yields.

Recent data show the 10-year yield has hovered in the 6.5%–6.6% range through late 2025, consistent with the broader trend of modest upward pressure despite earlier rate cuts, as inflation and supply dynamics keep curves firmer. Daily references also indicate closes near the mid-6.6% level around early January, reinforcing the market’s current equilibrium zone.

Key highlights

• Benchmark close: 6.6290% for the 10-year (IN064835G=CC)
• Previous close: 6.0105%
• Drivers: Foreign flows, auction demand, and recalibrated rate-cut expectations
• Trend context: Yields clustered mid-6.6% in early January and late 2025
• Implications: Higher borrowing costs for issuers; potential mark-to-market impact on debt portfolios
• Focus ahead: Supply calendar, inflation prints, RBI commentary, and global yield cues

Sources: Moneycontrol; Investing.com India; FRED (St. Louis Fed)