The rupee slipped from a session high of 55.30 to trade at 55.45/46, slightly higher from its previous close of 55.52/53. The Indian currency hit a one-week high on Monday after Finance Minister P. Chidambaram promised forthcoming fiscal consolidation steps.
However, the rupee slipped tracking a dip in the euro as traders also focused on potential ECB steps. Some oil-related dollar buying was also seen, though traders said the flows are not as consistent as on Monday. A dealer at a foreign bank tips the rupee to trade at the 55.25-55.55 band for the session.
