MUMBAI: The Indian rupee snapped a four-day losing streak on Tuesday as the dollar eased and oil prices tumbled, but a report stating local bonds may not be considered for listing on a major global index this year capped gains.
The partially convertible rupee ended up just 0.05% at 81.58 per dollar, having touched a session high of 81.31. The currency had hit a record low of 81.6525 on Monday after declining for four straight days.
The rupee eased to a near record low and Indian bond yields rose after Reuters exclusively reported local government bonds will likely only be included in the JP Morgan emerging market global index early next year as New Delhi still needs to address various operational issues.
There had been a lot of optimism around India’s likely inclusion as it would have brought inflows of around $30 billion and a decision was expected as early as this month.
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