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INR Fades as Inclusion in EM Indices Could Be Bumped to 2023

INDIA
  • INR remains weaker following that earlier Reuters headline, now getting some airtime on BBG: *INDIA INCLUSION TO JPMORGAN BOND INDEX DELAYED TO 2023: REUTERS - bbg
  • USD/INR nearing yesterday's highs of 81.66. An inclusion in the index from early 2023 onwards would be a delay for the move, which had been expected as early as September/October, but these remaining hurdles (local settlement practices, repatriation of USD) are still outstanding for now.
  • From the piece: "Index investors tend to favour international settlement platforms such as Euroclear but India has said it wants to settle bonds onshore, like China."
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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