Mumbai: India's rupee completed its biggest weekly gain since June as Moody's Investors Service maintained its stable outlook on the nation's credit rating and Goldman Sachs raised local shares to overweight.
The rupee advanced 2.3 per cent this week to 54.2650 per dollar in Mumbai, the biggest gain since the five days through June 29 and paring its loss in November to 0.8 per cent, according to data. The monthly drop is the sharpest among the 10 most-traded Asian currencies excluding the yen. The currency strengthened 1 per cent.
Moody's said November 26 that the Baa3 ranking, the lowest investment grade, is supported by economic growth and investment that's more than emerging-market averages. The outlook for Asia's third-largest economy is improving, Goldman Sachs said in a report. The global economy is in the best shape in 18 months, according to the latest Bloomberg Global Poll of investors released this week.
