卢比保持稳定，但预计将继续表现不佳。周四，印度卢比几乎没有变化，徘徊在进口美元需求和适度的外国投资组合流入之间，尽管分析师认为，今年印度卢比与同行相比的落后表现可能会持续下去。

Rupee steady but expected to continue underperforming peers.The Indian rupee was little changed on Thursday, wedged between imported dollar demand and modest foreign portfolio inflows, although analysts reckon that the currency's laggard performance compared to peers this year is likely to persist.

周四早盘，BSE Sensex指数上涨390点，涨幅0.5%，至80958点，在商品及服务税（GST）委员会批准对GST制度进行重大改革后，延续了前一交易日的涨幅。新的商品及服务税税率结构将于9月22日生效，旨在促进国内消费，抵消最近美国征收的50%关税的影响。修订后的框架引入了5%和18%的简化双板系统，有效地消除了目前的12%和28%的税率。几位美联储官员的鸽派评论进一步提振了投资者情绪，他们表示支持未来几个月可能降息。Nifty 50指数也上涨了0.5%，交易价格超过24800点，而中盘股和小盘股各上涨0.2%。以汽车、消费品和金融服务业为首的大多数行业都是绿色贸易。涨幅最大的公司包括马恒达（6.5%）、巴贾吉金融（4.7%）、巴贾吉金融服务（2.7%）、雀巢印度（2.6%）和ITC（1.6%）。

The BSE Sensex climbed 390 points, or 0.5%, to 80,958 in morning trade on Thursday, extending gains from the previous session after the Goods and Services Tax (GST) Council approved a major overhaul of the GST regime. The new GST rate structure, set to take effect on September 22, aims to boost domestic consumption and offset the impact of the recently imposed 50% US tariffs. The revised framework introduces a simplified two-slab system of 5% and 18%, effectively eliminating the current 12% and 28% rates. Investor sentiment was further buoyed by dovish commentary from several Fed officials, who expressed support for potential rate cuts in the coming months. The Nifty 50 also rose 0.5%, trading above 24,800, while mid-cap and small-cap stocks gained 0.2% each. Most sectors traded in the green, led by auto, consumer goods, and financial Services. Top gainers included Mahindra & Mahindra (6.5%), Bajaj Finance (4.7%), Bajaj Finserv (2.7%), Nestlé India (2.6%), and ITC (1.6%).

9月份，印度10年期G-Sec的收益率徘徊在6.56%左右，在接近五个月高点的窄幅区间内交易，这得益于印度储备银行的政策立场和对美联储可能降息的押注。在GDP增长强于预期后，市场对印度储备银行今年再次降息的预期有所下调，而在7月份的JOLTS报告显示就业机会弱于预期后美联储降息的赌注有所上升。这反映了印度和美国之间不断扩大的利率差距，因为美联储的潜在削减使印度债券相对更具吸引力，保持收益率稳定。此外，在有吸引力的收益率和印度被纳入全球债券指数的推动下，外国投资激增，有助于支持需求和稳定市场。然而，挑战依然存在，因为国内银行以投资者需求疲软和政府借贷成本上升的风险为由，敦促印度储备银行限制长期政府债券的发行。

The yield on the Indian 10-year G-Sec hovered around 6.56% in September, trading in a narrow range near five-month highs, supported by the Reserve Bank of India’s policy stance and bets of potential US Federal Reserve rate cuts. Market expectations of another RBI rate cut this year have been trimmed following stronger-than-expected GDP growth, while Fed rate cut bets have risen after July’s JOLTS report showed weaker-than-expected job openings. This reflects the widening interest rate gap between India and the United States, as the Fed’s potential cuts make Indian bonds relatively more attractive, keeping yields stable. Additionally, foreign investment has surged, driven by attractive yields and India’s inclusion in global bond indices, helping support demand and stabilize the market. However, challenges remain as domestic banks have urged the RBI to limit issuance of long-term government bonds, citing weak investor demand and the risk of higher borrowing costs for the government.

周三，由财政部长Nirmala Sitharaman主持的印度第56届商品及服务税委员会会议批准了自八年前推出以来对商品及服务税制的最重大改革。据《经济时报》报道，新的税率结构将于9月22日生效，但烟草制品除外，烟草制品将受到单独条件的约束。商品及服务税委员会是该税的最高决策机构，一致批准对各种日常用品和一些服务进行全面降息，旨在使其更实惠并刺激消费。修改后的结构过渡到5%和18%的双板系统，有效地消除了12%和28%的板。这项改革预计将为GDP增长贡献20-30个基点，有助于抵消美国最近征收的50%关税对经济的影响。

India’s 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman on Wednesday, approved the most significant overhaul of the Goods and Services Tax (GST) regime since its launch eight years ago. According to The Economic Times, the new rate structure will take effect on September 22, with the exception of tobacco products, which will be subject to separate conditions. The GST Council, the apex decision-making body for the tax, unanimously approved sweeping rate cuts on a wide range of everyday goods and some services, aiming to make them more affordable and stimulate consumption. The revised structure transitions to a two-slab system of 5% and 18%, effectively eliminating the 12% and 28% slabs. The reform is expected to contribute 20–30 basis points to GDP growth, helping to offset the economic impact of the recently imposed 50% US tariffs.