{"id":65416,"date":"2019-11-08T06:23:53","date_gmt":"2019-11-08T11:23:53","guid":{"rendered":"https:\/\/currencylive.com\/?p=65416"},"modified":"2019-11-08T05:20:27","modified_gmt":"2019-11-08T10:20:27","slug":"101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\/","title":{"rendered":"GBP\/INR Surges as Moody\u2019s Downgrades Indian Rating Outlook"},"content":{"rendered":"

GBP\/INR edges up on Friday in early trading. Currently, one British pound buys 91.335, up 0.33% as of 6:25 AM UTC.<\/p>\n

The price has been very volatile over the last two days. Yesterday, the sterling crashed from 91.332 to 90.735 after the Bank of England (BoE) saw a surprisingly mixed vote when it decided to maintain the interest rate. However, the pound bounced back and almost updated the November peak after Moody\u2019s downgraded India\u2019s rating outlook.<\/p>\n\n\n\n
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Moody\u2019s Downgrades Outlook on India\u2019s Rating<\/h2>\n

On Thursday, rating agency Moody\u2019s downgraded India\u2019s rating outlook from \u201cstable\u201d to \u201cnegative.\u201d The rating agency expects the country\u2019s economic growth to stay way lower than in the past.<\/p>\n

The downgrade is based on the Indian government and policy inefficiency in handling the \u201ceconomic and institutional weaknesses.\u201d<\/p>\n

India\u2019s growth in the gross domestic product (GDP) decelerated to the lowest level in six years in the three months to June, when the economy added only 5% year-on-year. The crisis in the finance sector disabled lending and hit investments. Besides, India cannot keep pace with job demand while small-and-medium businesses (SMEs) are under pressure from recent policy reforms.<\/p>\n

Moody\u2019s analysts stated<\/a> in their report:<\/p>\n

\u201cWhile government measures to support the economy should help to reduce the depth and duration of India\u2019s growth slowdown, prolonged financial stress among rural households, weak job creation, and, more recently, a credit crunch among non-bank financial institutions (NBFIs), have increased the probability of a more entrenched slowdown.\u201d<\/em><\/p>\n

Shortly after the rating agency published its verdict, the rupee became the worst performer among Asian currencies, while the Indian stock and bond markets saw modest losses.<\/p>\n

The Indian government came with a reaction after Moody\u2019s downgrade, saying that<\/a> the economy continues to be among the fastest-growing major economies in the world. Thus, the country\u2019s relative standing should be unaffected, government officials concluded.<\/p>\n

According to a statement published by the finance ministry, the International Monetary Fund (IMF) said in its latest World Economic Outlook that the Indian Economy was expected to grow at 6.1% in 2020 and accelerate to 7% next year.<\/p>\n

\n
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GBP\/INR edges up on Friday in early trading. Currently, one British pound buys 91.335, up 0.33% as of 6:25 AM UTC. The price has been very volatile over the last two days. Yesterday, the sterling crashed from 91.332 to 90.735 after the Bank of England (BoE) saw a surprisingly mixed vote when it decided to […]<\/p>\n","protected":false},"author":163946598,"featured_media":5110,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1530,1657,1394,1409,1747,1655,1666,1812],"class_list":{"0":"post-65416","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-bank-of-england","10":"tag-british-pound","11":"tag-gbp","12":"tag-gdp","13":"tag-indian-economy","14":"tag-indian-rupee","15":"tag-inr","16":"tag-moodys"},"acf":[],"yoast_head":"\nGBP\/INR Surges as Moody\u2019s Downgrades Indian Rating Outlook - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/INR Surges as Moody\u2019s Downgrades Indian Rating Outlook\",\"datePublished\":\"2019-11-08T11:23:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\\\/\"},\"wordCount\":604,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100765-gbp-eur-pound-suffers-vs-euro.jpg\",\"keywords\":[\"bank of england\",\"british pound\",\"gbp\",\"gdp\",\"indian economy\",\"indian rupee\",\"inr\",\"moody's\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101448-gbp-inr-surges-as-moodys-downgrades-indian-rating-outlook\\\/\",\"name\":\"GBP\\\/INR Surges as Moody\u2019s Downgrades Indian Rating Outlook - 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