10 year yield hits three month high as JPMorgan continues to keep Indian bonds off its index

India's 10 year bond yield jumped 10 basis points to hit a three month high on Thursday after JPMorgan refrained from adding the bonds to its emerging market debt index citing investment hurdles.

The 10 year bond yield reached a high of 7.46% -- a level last seen on 21 June. Bond yields and prices move in opposite directions.

Earlier this month, the London Stock Exchange Group that manages the FTSE indices said that it would continue to keep Indian bonds under watch for inclusion into the FTSE Emerging Markets Government Bond Index.

The bond yields were under pressure also due to gains in international crude oil. Oil prices rose for a fourth session, with Brent at a three-week high, after OPEC+ agreed to further tighten global crude supply with a deal to slash production by about 2 million barrels per day, the largest reduction since 2020.

Meanwhile, rupee weakened 0.14% to 81.63 a dollar. It opened at 81.54 and touched a high and a low of 81.49 and 81.66 a dollar respectively.

(Bloomberg & Reuters contributed to this story)