Reuters Market Eye - Rupee opens lower. The pair is at 54.31/32 versus its previous close of 54.02/03 on Friday.
The euro plunged and traders squeezed the yen sharply higher on Monday in Asia as news that Cyprus' bailout plan includes taxing depositors was taken as a dangerous precedent that could ultimately trigger bank runs elsewhere in the region.
Traders will remain cautious ahead of the RBI's policy review on Tuesday, where it is widely expected to cut rates by at least 25 basis points.
India's sustained food inflation is a negative for the country's sovereign ratings as it exacerbates macroeconomic imbalances, Moody's Investors Service said in a report on Monday.
Dealers say comments hurt INR as Moody's only global agency to still have a stable outlook on India.
(Reporting by Subhadip Sircar)
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