Indian Rupee Falls To 6-day Low Against Dollar On S&P Warning
11 June 2012 - 8:47PM
RTTF2
In late afternoon deals on Monday, the Indian rupee declined to
a 6-day low against the U.S. dollar after Standard & Poor's
said in a report that India could lose its investment grade rating
due to slow economic growth and political roadblocks to economic
policymaking.
The rupee is now trading at 55.68 per dollar and if the Indian
currency weakens further, it will target the 56 level. The
dollar-rupee pair ended last week's deals at 55.375.
In a report titled "Will India Be The First BRIC Fallen Angel?",
the rating agency said government's reaction to potentially slower
growth and greater vulnerability to economic shocks could largely
determine whether the country can maintain an investment-grade
rating or become the first "fallen angel" among the BRIC
nations.
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