THE rupee on Friday plummeted by 31 paise to hit an over three-week low of 71.28 against the US dollar after Moody’s Investors Services cut India’s rating outlook to negative citing growth concerns.
Moody’s has changed the outlook on the country’s ratings to ‘negative’ from ‘stable’, saying there was increasing risks that economic growth will remain materially lower than the past. At the interbank foreign exchange, the Indian currency opened lower at 71.26 and fell further to 71.33 to the US dollar. It finally settled at
71.28 a dollar.