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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Exchange managements must distinguish between speculation and gambling

    Every bull run in the Indian equity market raises the spectre of excessive speculation.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

Building smart cities the Indian way

Today more than half of the world’s population lives in ...

Zehra Naqvi

The mere display of power is not success

The stars are not afraid to appear like fireflies —Rabindranath Tagore ...

Dharmendra Khandal

Let the tiger breathe in its natural home

The world has been observing July 29 as International Tiger ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture