Rupee climbs on investment rating

Story link: Rupee climbs on investment rating

India’s rupee is currently enjoying a 5-year high against the US dollar, after major credit rating agency Standard & Poor increased the country’s creit worthiness to just under investment standard.

The rupee reached 43.305 against the USD on trading, which means that it has gained nearly 1% value in just three sessions.

Standard & Poor, which rates borrowers’ creditworthiness, lifted India’s rating to BB+ - which is just under the BBB- grade for investment.

The move is a vote of confidence in Indian stocks and shares, and is expected to reverse a recent movement of funds into strong South-Asia currencies such as Korea and Thailand.