Indian rupee opened 27 paise higher against the US dollar on Friday after JPMorgan announced that it will include India in its emerging market bond index next year. The local currency opened at 82.82 a dollar as compared to previous close of 83.09.
“The inclusion of India in the JPMorgan bond index has had a favorable effect on the rupee, with the currency showing strength by appreciating around 0.42 per cent in the NDF markets and reaching levels around 82.80. This positive momentum is anticipated to carry over to the onshore market, with a potential to move towards 82.50 in the next few sessions once 82.80 levels are taken out. The upside is likely to remain capped between 83.25-83.30 zone amid strong RBI intervention,“ Amit Pabari,Managing Director, CR Forex Advisors, said.