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Rupee Declines Most in Asia as Moody’s Cuts India Rating Outlook

  • Bonds suffer biggest drop in month, stocks halt record rally
  • Moody’s catching up with peers, who rate India a notch lower
India's Rupee Drops to Record Low as Crude Oil Prices Advance
Photographer: Dhiraj Singh/Bloomberg
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India’s rupee declined the most in Asia and sovereign bonds dropped after Moody’s Investors Services lowered the nation’s rating outlook to negative citing growth concerns.

The reduction comes at a time when investors have been skeptical about the government meeting its budget targets amid a slowdown in tax revenues and September’s surprise $20 billion tax giveaway for companies.