Lower Greece’s Credit Rating Drives Rupee Down

The Indian rupee went down today after Moody’s Investors Service reduced Greece’s credit rating, refueling the concerns that the problems in Europe will slow the global economic recovery.
The reason for the concerns are the austerity measures, taken by Greece, as well as by other EU countries, which may have unwelcome effect on the European nations’ economic growth. The European troubles may have adverse effect on the capital flows to the emerging markets, that’s why the rupee was affected.
USD/INR trade at about 46.54 as of 10:56 GMT today after opening at 46.49.

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