Rupee treads water

RUPEE-INDIA:Rupee treads water

 

Reuters Market Eye - Rupee trades at 55.24/25 versus its previous close of 55.21/22.

Dollar demand from oil refiners has offset the negative sentiment due to a rise in euro and domestic shares. Oil firms have been persistently buying dollars this week, limiting any downside in the pair.

Traders expect the pair to move in a 55.10 to 55.35 band with both the levels to be closely watched for any breakout.

Traders to also watch the developments at the winter session of parliament for direction.

Domestic shares <.BSESN> trading up 0.1 percent in opening trade.

The euro held steady against the dollar and hovered near the previous day's three-week high, having gained a boost on expectations that international lenders will soon reach a deal to release the next tranche of aid for Greece.