Reuters Market Eye - The rupee gains at 64.38/40 versus 64.55/56 last close. It has traded in a 64.28-64.75 band. Pair hit a record high of 65.56 on Thursday.
Dealer says state-run banks seen on offer side.
Local shares extend gains, up 1 percent.
Finance Minister P. Chidambaram says rupee undervalued; RBI chief defends liquidity tightening steps.
RBI chief Subbarao says cash tightening steps to stay till rupee stabilises.
Pair may further ease to around 64.20 levels, says dealer.
(Reporting by Subhadip Sircar)
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