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Rupee off highs after IIP contracts

The industrial output data shows an unexpected contraction

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falls to 55.1050/11 from a session high of 55.0450 after industrial output data shows an unexpected contraction, but the unit is still higher from its Wednesday's close of 55.42/43.

Dealers says factory data exacerbates concerns about slowing growth, especially after brokerages including Citigroup and CLSA have downgraded their growth forecasts this week.

The BSE Sensex pares gains after the data, but is up 0.2 percent on the day.

Some oil-related buying of dollars seen in the session, one dealer says. Tips 55.05-55.45 band for the rest of the day.

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Rupee gains on better-than-expected GDP, euro rally

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