Rupee gains against the US dollar, bond prices rise on Moody’s upgrade


The Indian rupee rose in the early trade after Moody’s Investors Services upgraded the nation’s sovereign ratings to Baa2 from its lowest investment grade and changed the outlook on the rating to stable from positive. The rupee was trading at 64.77, up by 2 paise against the US dollar in the morning trade


The 10–year benchmark bond yield fell by 10 bps to 6.95 on back of Moody’ upgrade India's government bond rating to Baa2 from Baa3. The home currency opened at 64.75 and touched a high of 64.63 or gained as much as 1.08%, its biggest gain since March 14.

It upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive, the rating agency said in a note on Friday.

In the international front, Euro traded on a firm note against the greenback, while Yen has also managed a remarkable turnaround, with values poised to near 112 mark.

Meanwhile, Pound remained resilient to dismal macroeconomic numbers. UK retail sales in October witnessed the first decline (yoy) since 2013. On employment, number of people working in the country during Q3 fell by the most in more than two years.

The currency touched a high and low of 64.72 and 64.89 respectively on November 17.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.29 and for Euro stood at 76.99. While the RBI’s reference rate for the Yen stood at 57.81, the reference rate for the Great Britain Pound (GBP) stood at 86.0483.




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