Moody’s Ratings on Thursday stated that the Indian rupee has depreciated by approximately 5 per cent over the past two years and by 20 per cent over the past five years, making it one of the weakest-performing currencies in South and Southeast Asia.
Of the 23 Indian companies rated by Moody’s, only six were assessed to be exposed to the effects of dollar strength. However, these companies have adequate mitigating factors in place.
These companies include three oil refining and marketing firms—Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Indian Oil Corporation (IOCL)—as well as building materials producer UltraTech Cement, Bharti Airtel, and ride-sharing company ANI Technologies Pvt Ltd.
“While the rupee has depreciated by only about 5 per cent in the past two years, it has fallen by more than 20 per cent since January 2020, making it one of the weakest-performing currencies in South and Southeast Asia,” Moody’s stated in its report on Corporates – South and Southeast Asia Emerging Markets.
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