Rupee off two-week high on short-covering

Reuters Market Eye - The rupee off two-week highs, trading at 54.11/12 from its 54.02 intraday low and 54.175/185 close on Tuesday.

The 54.02 session low marks the 50 percent Fibonacci retracement on the rise from February 6 level of 52.87 to March 4 level of 55.15.

"The market went short for the rumoured inflow from a petrochemical company and hence it drifted higher when the flow got absorbed," says a foreign bank dealer.

Weak equities and oil companies' dollar demand also contributing to INR weakness, he says.

(Reporting by Subhadip Sircar)