Moody’s Ratings: Moody’s Ratings said on Thursday that the Indian currency has fallen by about five per cent in the last two years and 20 per cent in the last five years, becoming one of the weakest performing currencies in South and South-East Asia. There has been a continuous decline in the value of rupee against the US dollar. Recently the rupee had fallen to a low of Rs 86.70 per dollar. There is a lot of concern in the economic world regarding this. This assessment of the rating agency is contrary to the perception held in many areas that amid the strength of the dollar, the performance of the Indian currency has been much better than other currencies.
Moody’s assessed 23 Indian companies
Moody’s has assessed 23 Indian companies to understand the effects of the falling rupee. Based on this, Moody’s found that only six of these companies are being affected by the strength of the dollar. However, Moody’s said in its report that these companies also have factors to reduce the impact.
Names of HPCL, BPCL, IOC, Bharti Airtel included
These companies included in Moody’s assessment include Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC), UltraTech Cement, Bharti Airtel and ANI Technologies Private Limited. Including these, Moody’s has assessed a total of 23 companies.
Rupee has fallen 20% since January 2020 – Moody’s
Moody’s said in its report released on companies of South and Southeast Asia emerging markets, ‘The rupee has fallen by only five percent in the last two years, but since January 2020 till now it has fallen by more than 20 percent. Thus, it has become one of the weakest performing currencies in South and South-East Asia.
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