Rupee depreciates after Moody's cuts India rating outlook

The yield on the 10-year Indian government bond was at 6.536% compared with its previous close of 6.492%

Nov 08, 2019 05:11 IST India Infoline News Service

Rupee Crisis
The Indian rupee fell by 30 paise at 71.27 against the US Dollar on Friday. The local unit came under pressure after Moody's Investors Service cut the country’s rating outlook to negative from stable, citing growth concerns.

The yield on the 10-year Indian government bond was at 6.536% compared with its previous close of 6.492%

The Indian unit had opened at 71.27/$ and so far today has touched a low of 71.31/$.

Moody's Investors Service ("Moody's") has changed the outlook on the Government of India's ratings to negative from stable and affirmed the Baa2 foreign-currency and local-currency long-term issuer ratings. Moody's also affirmed India's Baa2 local-currency senior unsecured rating and its P-2 other short-term local-currency ratings.

Meanwhile, gold prices recovered after falling to a one-month low as both the US and China agreed to roll back trade tariff.

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