Reuters Market Eye - The rupee is trading at 54.59/60 versus its previous close of 54.4950/5050 and off the day's high of 54.34.
Traders say good dollar buying is seen from oil firms and some corporates are helping pull the pair off lows.
Mild gains in domestic shares and positive sentiment post the RBI's announcement of a special dollar credit swap facility for exporters are likely to limit a very sharp upside.
The pair is now seen in a 54.40 to 54.70 range, say traders.
