Indian government bonds slip again, 10-year yield rises to 6.53%

Business Oct 23, 2025

After a two-day holiday, Indian government bonds slipped on Thursday, with the 10-year yield ticking up to 6.53%.
This move came as state-run banks took profits and demand stayed low, partly because US Treasury yields remained steady.

Key highlights of the bond market today

With festive spending draining cash from the system, everyone's watching the RBI's upcoming ₹190 billion treasury bill sale and a big ₹500 billion overnight repo auction.
Throughout October, bond yields mostly stayed above 6.50%—except for one day—thanks to ongoing profit-taking by banks.
Swap rates also rose slightly across one-, two-, and five-year terms, highlighting how tighter liquidity is putting extra pressure on the market right now.