FIIs walking out has hit Rupee more than speculators have

Given the role of credit-rating agencies in bringing the world to its knees in 2008, it is understandable that the finance ministry should be upset with two recent reports/actions—Moody’s downgrade of SBI and Crisil (partly owned by S&P) suggesting that R56,000 crore of bank loans to the power sector were in danger of going bad in the next 18 months if no reforms were carried out.

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