Rupee tanks 34 paise as Moody's slashes India outlook

The Indian Rupee lost 34 paise against the US dollar in the early morning trade, as rating agency Moody's slashed India's outlook to negative from stable.

The domestic currency opened lower by 34 paise at 71.30 per greenback versus previous close 70.96.

Also read — Moody's cuts India outlook to negative; govt defends

At the time of filing this copy, the domestic currency was trading 30 paise lower at 70.26.

On November 7, the rupee ended flat at 70.96 after it pared its initial losses against the US dollar after the US-China trade deal hopes enthused investor sentiments.

Earlier this morning, the rating agency Moody's downgraded India's economic outlook from stable to negative as the credit crunch in India's shadow banking continues.