In late afternoon deals on Monday, the Indian rupee declined to a 6-day low against the U.S. dollar after Standard & Poor's said in a report that India could lose its investment grade rating due to slow economic growth and political roadblocks to economic policymaking.
The rupee is now trading at 55.68 per dollar and if the Indian currency weakens further, it will target the 56 level. The dollar-rupee pair ended last week's deals at 55.375.
In a report titled "Will India Be The First BRIC Fallen Angel?", the rating agency said government's reaction to potentially slower growth and greater vulnerability to economic shocks could largely determine whether the country can maintain an investment-grade rating or become the first "fallen angel" among the BRIC nations.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.