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Rupee extends fall after S&P warning on India rating

Source : REUTERS
Last Updated: Wed, Oct 10, 2012 08:20 hrs
An employee counts Indian currency notes at a cash counter inside a bank in Kolkata

The rupee hits a fresh near two-week low of 53.14, now trading at 53.09/10 vs its previous close of 52.72/73, after S&P warns of a "significant chance" that political, economic, fiscal or external factors could eventually lower the credit rating on India downgrade.

Traders say the pair can rise further to 53.20 levels, but exporters could then step in to sell dollars and help the pair stabilise around 52.90 to 53.10 range for the rest of the session.

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