The rupee is trading at 54.51/52 versus its 54.36/37 close on Tuesday as global risk assets cede some ground on a session marked by low volumes because of the U.S. Independence Day holiday.
Traders say a close of the USD/INR below 54.60 would pave the way for a fall towards 54 in the near-term, while a close above could trigger gains above 55.
Some traders say outflows of around $400 million on account of the HSBC stake sale in Axis Bank and Yes Bank late last month support USD/INR.
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