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Rupee opens 30 paise down as Moody’s downgrades India’s outlook

Fri Nov 08 2019



The rupee on Friday opened 30 points down at 71.27 against the US dollarNSE 0.67 % after Moody’s Investors Service changed the outlook on India’s ratings to ‘negative’ from ‘stable’, saying there was increasing risks that economic growth will remain materially lower than the past.


It affirmed the Baa2 foreign-currency and local-currency long-term issuer ratings for India.


"Moody's decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than Moody's had previously estimated, leading to a gradual rise in the debt burden from already high levels," the rating agency said in a statement.


Benchmark equity indices also opened in the red following the development. The BSE Sensex was trading over 100 points down at 40,536 in the early trade, while the NSE Nifty index was down 25 points, or 0.21 per cent, at 11,987.


The local currency on Thursday settled almost flat at 70.97 against the US dollar after the US-China trade deal hopes enthused investor sentiments.



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