JP Morgan – The News Desk

JP Morgan: Rupee snaps two-day fall, recovers 6 paise against US dollar

27Sep

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JP Morgan: Rupee snaps two-day fall, recovers 6 paise against US dollar

MUMBAI: The rupee on Wednesday staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the US dollar on positive cues from domestic equity markets.However, selling pressure from foreign equity investors amid elevated levels of American currency and surging crude oil prices weighed on the local unit, forex traders said.At the interbank foreign exchange, the domestic unit opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the greenback. It finally settled at 83.22 (provisional), registering a gain of 6 paise from its previous close.The rupee lost 34 paise in the past two sessions. It closed 15 paise lower at 83.28 against the dollar on Tuesday, a day after registering a decline of 19 paise.The downward movement of the rupee w...

Interest Rate: JP Morgan to add India G-Secs to its emerging market bond index

MUMBAI: Global financial services major JP Morgan has decided to include Indian government securities (G-Secs) in its emerging market bond index, a move seen to boost dollar inflows into the country and bring down the rate of interest.This is the first time Indian G-Secs have been added to a major global bond index.JP Morgan on Friday said India's G-Secs will be incorporated in three of its bond indices consisting of similar instruments issued by the governments of emerging markets like China and Indonesia from June 28, 2024. Beginning with 1%, the weightage of Indian G-Secs would rise to a maximum of 10% over the 10 months until March 2025.Since the index is widely followed by global bond fund managers, estimates say $40-45 billion funds could flow into India between June 2024 and March ...

Inclusion of Indian bonds in JP Morgan index to widen investor base: CEA

Chief Economic Advisor V Anantha Nageswaran on Friday said inclusion of Indian government bonds into JP Morgan's benchmark emerging market index from next year will widen investor base, and may lead to appreciation of rupee. He also said there is potential for currency appreciation following inclusion of Indian bonds in JP Morgan index. Global financial firm JP Morgan has said that it plans to include Indian government bonds or government securities (G-Secs) into its benchmark emerging market index from June, 2024, a move that will bring down borrowing cost for the government. The inclusion of G-Secs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, indicating one per cent increment on its index weight. ...