Rupee appreciates 27 paise to open at 82.82 a dollar as JPMorgan announces India bond inclusion
rupee depreciated marginally to end 2 paise lower at 83.09. Indian government bonds will be included in the Government Bond Index-Emerging Markets index and the index suite, JPMorgan said on Friday.
The inclusion will start on June 28, 2024, and extend over 10 months with 1% increments on its index weighting. India is expected to reach the maximum weighting of 10%, JPMorgan added.
Read here: JPMorgan to include India in its emerging market debt index, paving the way for billions in inflows The index inclusion could result in inflows of about $24 billion into eligible government bonds from the start of next year to May 2025, IDFC First Bank said in a note, Reuters reported. Crude oil prices traded higher, limiting upside for the rupee.
Brent futures rose 0.55% to $93.81 a barrel, while US West Texas Intermediate crude (WTI) gained 0.71% to $90.27. On the domestic front, the Indian benchmark equity indices, Sensex and Nifty were trading marginally lower in the pre-opening session.
On Thursday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹3,007.36 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹1,158.14 crore, as per provisional data available on the exchanges. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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