The rupee weakened further on Monday to hit a near one-week low against the dollar after Fitch Ratings cut India’s sovereign outlook to “negative” from “stable”, but affirmed the country at “BBB-”, the lowest investment-grade rating.
The action followed Standard & Poor’s outlook cut in April and took place during a session in which
the rupee and domestic stocks had been hit after the Reserve Bank of India left interest rates unchanged, raising worries about economic growth prospects.
On Monday, the partially convertible rupee was trading at 56.03/04 per dollar, much weaker than its previous close of 55.39/40 on Friday. (curtsey : first post)
Rupesh Yatesh Dalal
Head Research Department
Head Research Department
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