RTTN:Indian Rupee Off Near 2-week Low Against U.S. Dollar
The Indian rupee that declined against the U.S. dollar in early deals reversed way and held steady in late trading Wednesday.
The rupee is now trading at 53.015 against the greenback, compared to near a 2-week low of 53.1305 hit in early deals. The pair closed Tuesday's deals at 52.7362.
Global credit rating agency Standard & Poor's warned that there is a significant chance of cutting India's credit rating in the future. Expressing concerns over India's large fiscal and budget deficits, the ratings agency cited about rating downgrade if growth prospects and the external position worsen.
