In times when world is flooded with bad (worst news); a +ve news got missed!
Moody's affirms India to 'stable'; but grading to depend on fiscal deficit
Moody’s has reaffirmed India’s rating to ‘stable’. However, growth downturn will persist over the next two quarters. Expect inflationary pressures to recede, though there is susceptibility. The rating agency also sees domestic interest rates easing. “Rupee fall will boost export competitiveness,” it said. However, imports will soften. An ‘upgrade’ or ‘downgrade’ rating depends on the decline or increase in deficit and government debt ratios, it said.
What’s happening in Markets: The Indian rupee gained on Wednesday comforted by the Reserve Bank of India's assurance it will take more measures to curb weakness in the currency along with improved global risk appetite that pushed the euro and domestic equities higher. Subir Gokarn, a deputy governor at the RBI, said on Tuesday that the central bank would use other measures to bring stability to the foreign exchange market.
What we do now?? BUY / SELL the INR: With RBI watching the currency’s moves like hawks, our view is on the bullish side (we can’t afford to go against the RBI) as there is a potential possibility of INR rebounding to 51.50 –51 (196.07) levels in the near term. Temporary corrections are possible, but…(details in the attachment)
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