Rupee loses; Fitch reiterates caution on India

Tags: News
The rupee reverses gains as domestic concerns resurface for currency after Fitch Ratings warns again on ratings, fiscal deficit.

The pair is at 55.33/35, coming off 55.05 low hit earlier in the session, versus last close of 55.23/24.

A Fitch analyst says India may face downgrade in the next 12-24 months during a teleconference.

Fitch says the government is likely to miss fiscal deficit target and macroeconomic trends have been disappointing.

Demand for U.S. dollar from oil and gold importers also supporting gains.

Technical charts show break above the top of the recent 54.05- 55.25 range on USD/INR should result in test of 55.45, which is 76.4 percent of the 55.89-54.04 move.

EDITORIAL OF THE DAY

  • Saffronites need to build their own edifices and narratives

    The news that the BJP-led NDA government, no admirers of India’s first prime minister, want to give a ‘contemporary’ look to the capital’s mos

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

Capturing change

The pace of change in the world around us can ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture