"Given the very low level of foreign currency debt owed by the Indian government, rupee depreciation does not significantly affect sovereign debt repayment capacity," said Atsi Sheth, vice-president of the sovereign risk group at Moody's Investors Service, in an e-mailed response.
"However, it is a reflection of macro-economic challenges, which do affect the country's credit profile."
Sheth said Moody's current rating of "Baa3" for India - the lowest investment-grade level -- incorporates macro-economic imbalances and recent trends in the current account, capital flows, and the exchange rate.
The rupee had slumped to a record low of 59.9850 rupee to the dollar on Thursday, as the country's record high current account deficit is exacerbating its vulnerability in an emerging market rout.
Moody's currently has a 'stable' outlook on India's ratings, in line with Fitch Ratings. Standard & Poor's maintains a 'negative' outlook.