Seeking Alpha

India tumbles amid downgrade worry

  • The Sensex broke a 3-day winning streak, tumbling 3.5% as the rupee fell as much as 2% amid worries India is set to be downgraded. An S&P report says the chances of an Indian downgraded are higher than those for Indonesia.
  • Goldman cuts its fiscal year GDP growth forecast to 4% from 6%, and now expects the rupee to fall as low as 72 to the dollar in the next 6 months. It takes just more than 67 rupees to buy a greenback at the moment.
  • EPI -3.4% premarket.
  • ICICI Bank (IBN) -3.5%, HDFC Bank (HDB) -3.8% premarket.
  • Equity ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
  • Rupee: ICN, INR.
Comments (2)
  • Ajayyy
    , contributor
    Comments (311) | Send Message
     
    India looks in a bad shape right now but I also make it a habit of going against Goldman. What a conundrum.
    3 Sep 2013, 09:01 AM Reply Like
  • joelkatz
    , contributor
    Comments (448) | Send Message
     
    Taking advantage on those fear
    3 Sep 2013, 11:05 AM Reply Like
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