New Delhi, Nov. 4 -- India's benchmark 10-year government bond yield is unlikely to see a significant decline in November and could remain under upward pressure amid inflation risks, tighter banking liquidity and uncertainty over global interest rates, according to a Bank of Baroda Research report.

The report expects the 10-year yield to trade in the range of 7.25-7.35 per cent during November, with risks tilted towards a further rise. It said the Reserve Bank of India's shift towards calibrated tightening and indications of a potentially steeper rate cycle had kept long-term borrowing costs elevated.

"India's 10Y yield is unlikely to show much downward correction," the report said, pointing to rising inflationary risks and resilient do...