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The rupee on Friday bounced back to end at a one-week high of 65.01 against the US dollar after Moody’s upgraded the country’s sovereign rating.
In its biggest single-day surge in six weeks, the home currency closed the day with a solid 31 paise gain. The rating upgrade comes after a gap of 13 years — Moody’s had last upgraded India’s rating to ‘Baa3’ in 2004. A rally in domestic equities further supplemented the currency’s momentumin a healthy way. The rupee hit an intra-day high of 64.60 before giving back some of the gains due to suspected RBI intervention.
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