At the interbank foreign exchange, the Indian currency opened lower at 71.26 and fell further to 71.33 to the US dollar. It finally settled at 71.28 a dollar, a dip of 31 paise over its previous close.
"In particular, steel demand in India will outpace the regional average as the country's GDP growth of around 7.5 percent in 2016 and 2017 based on Moody's forecast, remains among the highest in Asia," Moody's Investors Services said in a report.
Standard & Poor's on Wednesday cut Spain's sovereign credit rating by two notches to BBB-minus, citing a deepening economic recession that is limiting the government's policy options to arrest the slide.
