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Markets

Indian rupee, stocks fall after S&P warning

Published June 11, 2012 Updated June 11, 2012 09:33am
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By Parvez Jabri
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indian-rupee 400MUMBAI: The Indian rupee weakened against the dollar, while stocks slashed gains after Standard & Poor's warned India could become the first BRIC country to lose its investment-grade rating.

The local unit fell to a session low at 55.62/63 against the dollar after the announcement, while India's main stock index cut gains of nearly 1 percent to trade flat on the day.

India's benchmark 10-year bond yield showed a more muted reaction, trading down 1 basis point at 8.34 percent from its previous close.

Copyright Reuters, 2012

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