The Indian rupee and bond prices fell on Friday after Moody's Investors Service cut the country’s rating outlook to negative from stable, citing growth concerns.
In early deals, the rupee traded at a fresh three-week low of 71.24 a dollar, down from Thursday’s close of 70.97. The Indian unit had opened 71.27 a dollar and so far today has touched a low of 71.31 -- a level last seen on 18 October.
The yield on the 10-year Indian government bond was at 6.536% compared with its previous close of 6.492%. Bond yield and prices moves in opposite directions.
"The outlook change is a negative surprise," said Nomura Research today.
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