Euro's weakness against dollar overseas on euro zone concerns put pressure on the local unit
Caution prevailed ahead of RBI's policy review
Says as risks from inflation and twin deficits recede, monetary policy could respond effectively to growth concerns
Local unit recovered initial losses and rose to 53.86 before quoting at 53.87 at 1040 hrs on selling of dollars by banks
Reducing interest rates would not have made banks bolder, only a pick-up in investing activity would prompt them to start lending again
The RBI's decision comes despite increased political pressure from the government
Fresh month-end dollar demand from importers, mainly oil companies, affected the rupee's value
Steady euro against dollar and higher opening in domestic equity mkt support rupee
US holiday, Bernake's speech didn't have any clear message on any policy matters so rupee remained unchanged
Dollar selling by exporters and banks supported the rupee
Traders expect a largely rangebound session for the pair in the absence any major cues
The euro rose versus the dollar on optimism the ECB will unveil a plan
Investment bank with capabilities beyond just technology transactions
It touched 55.38 earlier, the strongest level since August 24