S&P Comments Bolster Indian Rupee

The Indian rupee climbed after Standard & Poor’s praised the efforts of the country’s government to reduce the budget deficit, which may improve the outlook for India’s sovereign credit rating.

According to Bloomberg, S&P commented favorably on India’s attempts to cut the deficit. This should help the country’s credit rating, which currently stands at the lowest investment grade, and the agency has a negative outlook on it. The rupee also rallied with many other emerging-market currencies ahead of today’s speech of Janet Yellen at the Jackson Hole Symposium, which may be dovish, at least according to some forecasts.

USD/INR went down from 60.6850 to 60.5400 as of 13:10 GMT today.

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