Moody’s big comment on the rupee, said – it is the weakest currency in Southeast Asia
New Delhi| In the last two years, the Indian rupee has fallen by about five percent and, if we talk about the last five years, it has weakened by 20 percent. With such a huge fall in the Indian currency, it has become one of the weakest performing currencies in South and Southeast Asia. Global rating agency Moody’s has made this comment.
Of the 23 Indian companies that Moody’s rated, only six are projected to be affected by the dollar’s strength, but these companies have substantial influencing factors.
These companies include three oil refining and marketing companies (OMCs), Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL), construction material producer UltraTech Cement, Bharti Airtel and ride sharing company ANI Technologies Pvt. Ltd.
“The rupee has depreciated by only 5 per cent in the last two years but has depreciated by more than 20 per cent since January 2020, making it one of the weakest performing currencies in South and Southeast Asia”, Moody’s said in its report on ‘Emerging Markets of South and Southeast Asia’ involving corporates.
