* JPM to include India in EM debt index, rupee firms

* Moody's to review Poland's rating

* China moves to support private economy

* EM stocks, FX eye weekly declines

Sept 22 (Reuters) - Emerging market stocks recovered from a four-day losing streak at the end of a week packed with major central bank decisions, while the Indian rupee firmed after JPMorgan's plans to include the country's local bonds in its debt index.

MSCI's index for emerging market equities rose 0.8% by 0853 GMT on Friday, bouncing off a recent three-month low, but was on track for weekly declines of 2.2%.

Pressuring emerging markets this week was a jump in U.S Treasury yields as investors assessed potential for an additional rate hike from the Federal Reserve and fewer cuts next year following revised projections from the central bank.

Most Asian stock markets were higher on Friday, led by equities in Hong Kong and mainland China, up 2.3% and 1.8% respectively following reports of China's measures to promote the development of the private economy.

China is considering relaxing the rules that cap foreign ownership in domestic publicly traded firms, Bloomberg News reported on Friday.

Emerging market currencies edged 0.1% higher but shed 0.2% for the week.

The dollar, meanwhile, was on track for its tenth consecutive weekly increase while the yen dropped as the Bank of Japan maintained ultra-low interest rates on Friday.

India's rupee climbed 0.3% against the dollar after JPMorgan said it will include the country in its widely tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world's fifth-largest economy.

JPMorgan's decision could push India's benchmark 10-year bond yield to sub-7% levels in the coming months, Citi and Bank of America said on Friday.

Barclays strategists forecast the inclusion implies direct inflows of $20-$25 billion over the next 18-21 months.

"The INR rallied on the index inclusion news, but still faces headwinds from a firm USD, elevated US yields and higher oil prices," the strategists said in a note.

The South African rand strengthened 0.6% versus the dollar and was on track for a weekly gain of nearly 1% despite a drop in the previous session after the country held interest rates steady.

Among central and eastern European currencies, the Polish zloty rose 0.2% against the euro, ahead of a credit ratings review by Moody's. The currency has outperformed its regional peers this week and is on track for weekly gains of 1%.

For GRAPHIC on emerging market FX performance in 2023, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2023, see https://tmsnrt.rs/2OusNdX

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(Reporting by Amruta Khandekar. Editing by Jane Merriman)