The management pertaining to interest rate is a fundamental aspect of a fixed income portfolio strategy, and the Price Value associated with 1 (One) Basis Point (PV01) serves as a vital tool in this process. PV01 evaluates the change in the price of a bond resulting from a 0.01% (single basis point) shift in interest rates, making it an effective indicator of interest rate sensitivity. The prime objective of this study is to detect the combined effects of yield and price on PV01 and to determine how sensitive government securities (G-Sec) of varying maturities are to changes in yield. The findings reveal that while PV01 tends to decline as yields increase, the influence of duration on PV01 is significantly more pronounced. Bonds with longer maturities demonstrate higher PV01 values, reflecting higher sensitivity against changes in interest rate. This indicates that duration plays a more direct and stronger role in determining PV01 than yield. Consequently, investors and portfolio managers should prioritise duration management when using PV01 for risk assessment and hedging. The study emphasises how crucial it is to comprehend yield, price, and duration to take decisions in government bond investments and interest rate risk mitigation.