India’s rupee and stocks saw little reaction in offshore trading after Moody’s Investors Service lowered the country’s sovereign rating by a notch to the lowest investment grade, a move largely expected by markets.
The one-month dollar/rupee non-deliverable forward contract was little changed, as were stock futures on the NSE Nifty 50 Index in Singapore.
The underlying equities gauge capped its fourth day of gains Monday -- the longest winning run in a month -- after the government outlined steps to ease the world’s strictest stay-at-home orders. “The downgrade is on expected lines and is unlikely to impact the market in a meaningful way," said Chakri Lokapriya, managing director at TCG Asset Management in Mumbai.