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Firmer Start, JPMorgan Adds Indian Bonds To Key Index

INR

Rupee has firmed in early dealing, USD/INR is down ~0.3% and has breached its 20-Day EMA (82.96). The pair sits at 82.86/87.

  • JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index, a keenly awaited event that could drive billions of foreign inflows to the nation’s debt market. More here.
  • Technically the pair remains in an uptrend, bulls target the high from 20 October 2022 (83.2975). Bears immediate focus is the low from 1 Sep (82.5775).
  • The domestic data docket is empty until 29 September when the August Fiscal Deficit and Eight Infrastructure Industries survey crosses.

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