more-inThe rupee appreciated a sharp 69 paise, or 1.06 %, to trade at an over one-week high of 64.63 against the dollar after the US-based rating agency Moody’s upgraded India’s sovereign credit rating. The rally was supported by the dollar selling by exporters and banks and the US unit’s weakness against some currencies overseas, traders said. US-based Moody’s upgraded India’s sovereign credit rating by a notch to ‘Baa2’ with a stable outlook citing improved growth prospects driven by economic and institutional reforms. The rating upgrade comes after a gap of 13 years -- Moody’s had last upgraded India’s rating to ‘Baa3’ in 2004. Meanwhile, the BSE benchmark Sensex soared 414 points, or 1.25 %, to 33,520.82 in opening trade today.

Source: The Hindu November 17, 2017 04:37 UTC