Rupee opens lower at 53.10

The rupee opened marginally lower at 53.10 against the dollar after rating agency Standard and Poor’s downgrade warning on India’s rating and weaker Asian markets. 

At 9.42 am, the Indian unit, which dropped 10 paise in the early trade to 53.16, was trading steady at 53.04 per dollar. 

Further, S&P has cut Spain's sovereign credit rating to BBB-minus adding to the Euro Zone woes.

Investors also reacted to losses on Wall Street after the International Monetary Fund has cut its global growth forecast, predicting the slowest rate in three years citing the ongoing European debt crisis and stumbling US growth. 

The rupee had appreciated by more than 300 paise in September after the Government announced a series of policy measures aimed at boosting investors' sentiment. The industry now waits for these announcements to translate into action. 

The Government faces a twin dilemma of keeping the subsidy bill down to soothe foreign investors and rating agencies and not cutting the subsidy too much on the poor man's fuel -- diesel and kerosene. [ Via ]

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