Rupee, bonds gain on hopes of inclusion in global debt indexes

Last Updated: Thu, Oct 10, 2013 11:56 hrs
An employee arranges Indian currency notes at a cash counter inside a bank in Agartala

The rupee and government bonds rose on Thursday after Reuters reported the government was in talks with JP Morgan and others to gain entry into benchmark indexes for emerging market debt, citing sources familiar with the discussions.

Inclusion in popular government bond indexes could attract $20 billion-$40 billion in additional flows into India over a year, Standard Chartered Bank wrote in a report last month.

The rupee rose to 61.55/60 to the dollar from around 61.95 before the Reuters report. The benchmark 10-year bond yield fell 3 basis points from levels before the report.

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