S&P reaffirms India's stable outlook

Despite slowing India’s GDP growth in Q2, S&P Ratings reaffirmed sovereign rating of India at BBB- with a stable outlook, India’s Economic Affairs Secretary Atanu Chakraborty tweeted out on Tuesday.

Key Quotes:

“They have stated that India's economy continues to achieve impressive long-term growth rates despite a recent deceleration.”

"S&P expects the Indian economy to continue to out-perform its peers and that the growth will remain strong over the next 2 years."

It’s worth noting that Moody’s Investors Service cut India credit rating outlook to negative last month, in the face of worsening shadow banking crunch and a prolonged economic slowdown.

• USD/INR Technical Analysis: Bullish bias intact