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Rating agency Moody's decision to change its outlook to negative from stable is unlikely to have a major impact on the Rupee.
Rushabh Maru, Research Analyst - Currency and Commodity, Anand Rathi Shares and Stock Brokers said that Moody's change in outlook on India is a matter of concern but is unlikely to have major impact on the rupee in the near term.
"There is lot of optimism regarding the trade deal between the US and China. Hence this may provide relief to the rupee," he said. In the near term the rupee may trade in the range of 70.80 and 71.60, Maru added.
The other factors going in favour of the Rupee is that both domestic and global equities remain strong. This may also support the Rupee. Analysts opine that the focus will now shift to India's macroeconomic data to be released in the next week.
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