Rupee down 50 paise at 61.27/$

The rupee fell by 50 paise to 61.27 against the US dollar.
Meanwhile, Sensex is flat at 18732, while S&P CNX Nifty is also flat at 5,541. The Nifty opened at 5,549, up 7 points while the Sensex opened at 18,759, up 26 points.

The Indian banking sector is unlikely to recover in the next 18-24 months. 

That's according to a report titled "Slack Economic Growth Dents Recovery Prospects For Indian Banks," that Standard & Poor's Ratings Services published today.

Rupee has hit a record low on Tuesday.