Rupee Cheers Moody's Upgrade With Mid-Day Surge

18 November, 2017, 00:24 | Author: Terri Saunders
  • India's rating upgrade reflects growth story NITI Aayog

This is India's first rating upgrade since 2004, when it was upgraded to Baa3 from Ba1. Standard and Poor's, which still assigns the lowest investment grade to India with a stable outlook, said India needed to address its weak fiscal position, indicating upgrades would take time.

In a significant boost to the Modi government's reform agenda, which has faced flak in recent weeks following a growth slowdown, Moody's Investors Service cited these very measures to upgrade India's sovereign rating a notch and changed the outlook to positive from stable. In addition, it has changed to stable from positive the ratings outlook for IRFC; EXIM India and its London branch; HDFC Bank, its Bahrain and Hong Kong branches; as well as SBI and its Hong Kong, London, and Nassau branches.

Finance Minister Arun Jaitley called the upgrade "a belated recognition of all the positive steps which have been taken in India in the last few years".

Moody's Investors Service on Friday upped the long-term ratings of four Indian financial institutions including SBI and HDFC Bank by a notch to Baa2 following the upgrade of the country's sovereign rating to the same level. The Sensex rose 235.98 points to close at 33,342.80, even after paring initial gains.

Stating that reforms will foster sustainable growth prospects, the US-based agency said the government is mid-way through a wide-ranging programme of economic and institutional reforms. While upgrading the rating, Moody's cited reforms like the recently- introduced GST, improvements to the monetary policy framework, measures to clean up non-performing loans and efforts to bring more areas into the formal economy.

Senate panel says documents that Jared Kushner's lawyer shared were incomplete
Then "we will consider whether the transcript satisfies the needs of our investigation", Grassley and Feinstein wrote. The senators say those panels haven't provided them with those transcripts, and ask Lowell to secure that access.


The Congress was quick to dismiss India's improved rating.

Moody's expects GDP growth to moderate to 6.7 per cent in the fiscal year ending in March 2018.

The Narendra Modi government has just received a pat on the back from a heavyweight-credit rating agency Moody'.

The rating agency simultaneously upgraded the country's local and foreign currency issuer rating to Baa2 from Baa3.

Recommended:

  • President Trump Strikes Back at 'Short and Fat' Kim Jong Un

    President Trump Strikes Back at 'Short and Fat' Kim Jong Un

    The hiatus comes as China prepares to send a special envoy to North Korea and South Korea co-hosts a United Nations disarmament and nonproliferation conference.
    You can read 'Deleted' WhatsApp messages; here is how

    You can read 'Deleted' WhatsApp messages; here is how

    It adds that the recipient can easily access the deleted messages regardless whether it has been deleted from sender's end. The Notification History application, as the name suggests, is a dashboard for all notifications that come to your phone.
    Jerry Jones is hurting the league

    Jerry Jones is hurting the league

    Jones contends that another vote of the owners is needed. "I think we have enough messes as it stands now", the owner said. Jones' lawyer didn't immediately respond to a request for comment late Wednesday. "There is no legitimate basis for Mr.
  • AAA: 2017 to have most Thanksgiving travelers in 12 years

    AAA: 2017 to have most Thanksgiving travelers in 12 years

    Orlando is the No. 1 Thanksgiving destination, followed by Anaheim, California, New York City, Honolulu and Las Vegas. This would despite the fact that gas prices are the highest since Thanksgiving 2014.
    Secretive SpaceX Launch Code-Named 'Zuma' Rescheduled for November 16, 2017

    Secretive SpaceX Launch Code-Named 'Zuma' Rescheduled for November 16, 2017

    On November 16th, between 8PM and 10PM Eastern, SpaceX is sending a secret payload called "Zuma" beyond our atmosphere. Elon Musk's SpaceX is set to launch yet another satellite, but details surrounding the launch remain a mystery.
    With Koch brothers' help, reports say

    With Koch brothers' help, reports say

    Meredith had offered as much as $2 billion at the time before lowering its bid, people familiar with the matter said at the time . Time was up over 25 percent in afternoon trading at $15.93, while Meredith was up over 9 percent at $59.45.
  • Whole Foods cuts more prices, including holiday shopping list items

    Whole Foods cuts more prices, including holiday shopping list items

    Whole Foods will sell organic turkeys for $3.49 per pound, while non-antibiotic turkeys will fetch for $2.49 per pound. But Prime members will pay even less - they'll only be charged $2.99 per pound and $1.99 per pound, respectively.
    Trump to lift ban on import of elephant trophies from Africa

    Trump to lift ban on import of elephant trophies from Africa

    He argued that there is little evidence that so-called hunting regulations have a positive impact on conservation efforts. According to the United Nations, as many as 100,000 African elephants were killed between 2010 and 2012.
    Aston Martin Valkyrie AMR Pro is ready for the track

    Aston Martin Valkyrie AMR Pro is ready for the track

    As writes the European press, the representatives of Aston Martin, has posted the first images of Aston Martin AMR Pro Valkyrie. When the vehicle debuts in 2020, all owners will be invited to special track events set up just for the model.
  • Kim Kardashian Explains Why She Didn't Invite Her Surrogate to Baby Shower

    Kim Kardashian Explains Why She Didn't Invite Her Surrogate to Baby Shower

    Ellen suggested that she'd put on her own Kardashian disguise so that people only pay attention to her and ignore Kim K. This wasn't the first time that Kardashian has refused to answer a question concerning her sisters' pregnancies.
    Trump Has Awkward Water Bottle Moment on TV

    Trump Has Awkward Water Bottle Moment on TV

    Rubio became aware of Trump's recent water incident at the podium, and tweeted his analysis of the president's performance. You just can't help wondering if every single thing or gesture conducted by Donald Trump it's just a bad joke...
    Blake Shelton:

    Blake Shelton: "I have been fat and ugly my whole life"

    But while an apology may have been good enough to People , it didn't cut it for a lot of social media wags. He also big-ups his son Sire, saying "He's the most important person in my life".


Popular

Jose Mourinho plotting shock move for David Luiz
Charly Musonda (knee) is also absent, while Victor Moses is nearing a return to training following his hamstring problem. Now Luiz faces a battle with Christensen for a spot in tomorrow's league fixture at West Bromwich Albion .

Omaha unemployment rate hits 20-year low; state's lowest since 1999
Nebraska's unemployment rate was down 0.1 percentage points from September and 0.6 percentage points from October 2016. But she adds not all communities and regions of the state are benefiting equally from this growth.

Want to live longer? Get a dog!
Dog owners were more likely to be younger than non-owners, Fall and colleagues wrote, and were more likely to live in rural areas. Cardiovascular disease causes more than a quarter (26 per cent) of all deaths in the United Kingdom 160,000 each year.

Russian deputy PM says WADA's decision on Russian anti-doping agency 'expected'
The WADA decision is likely to jeopardize Russia's chances of competing in Pyeongchang Winter Olympics in South Korea in February.

Striking New STAR WARS: THE LAST JEDI Posters Released
Nevertheless it sounds like he'll eventually come round to her in some way during The Last Jedi . It seems Rian Johnson's The Last Jedi may well be the darkest yet.

ICC suspends Pakistan spinner Mohammad Hafeez from bowling in worldwide cricket
Following which he was suspended the second time for his illegal action in the Galle Test against Pakistan in June 2015. After he received a ban, he recently became eligible to bowl again after rectifying his action.

Operation Kund humane, ensures to save surrendered militants: IGP Kashmir
Responding to a question, IGP said that operation at Waltengu Qazigund is still in progress. The two militants paraded before media were identified as Shams-ul-Viqar and Bilal Shaikh.

Driven By China, Global Carbon Emissions Rise in 2017
The unexpected spike would end a three-year period in which emissions remained flat despite a growing global economy. China, the top greenhouse gas emitter ahead of the United States, accounts for nearly 30 percent of world emissions.

Samsung Galaxy S7 Software Update Bring November Security Patch
There have been previous rumors on Mini versions for the Galaxy S7 and Galaxy S8, but those devices never materialized. Galaxy S9 will 64Gb of internal storage while the big screen variant will come with a 128GB of internal storage.

Carlisle Utd sell cheapest pies across the country, football study shows
All match programmes across the fourth division of English football are priced at £3, except Wycombe's which costs £3.50. The price of a replica adult Spurs shirt reflected badly, with the cost at £60 higher than the league average by £9.10.