Indian government bond yields rose on Monday after opening lower on lower oil prices as a recent rally in bond prices was viewed as overdone, traders said.

The benchmark of the Indian 10-year government bond yield closed higher at 7.3201% on Monday after closing at 7.3077% on Friday. The yield hit an intraday low of 7.2794%.

Yields hit an intraday high of almost 7.50% on Nov. 4 and have been on a downtrend ever since.

Oil price drop likely to support bond prices…