The invention relates to an aqueous magenta inkjet ink composition for use in ink jet printers comprising a mixture of a self-dispersed magenta pigment surface modified with functional group and a xanthene dye. The magenta ink of the present invention also contains an aqueous carrier, a polymeric additive, a surfactant, and a specific cosolvent mixture selected from the group consisting of a C2-C8 terminal alkanediol, cyclic amide compound and its derivative, trihydric alcohol and mixtures thereof. Preferably, the magenta pigment is surface modified with bisphosphonate or sulfonate group, most preferably bisphosphonate group. The magenta inkjet ink demonstrates excellent stability, good chroma and maintenance characteristics and high heater reliability in permanent and semi permanent printheads. The ink also reduced post print paper curl without sacrificing print quality.