The rupee failed to hold initial gains as stocks remained in red and dollar buying by oil firms supported the US currency, say dealers.
The pair was at 53.34/35 vs 53.285/295 last close. It has traded in a 53.2050-53.42 band. The pair earlier rose to a high of 53.2050, which dealers say was largely due to selling by a private petrochem company.
Dealers cite good two-way interest with some flow-related selling and subsequent oil buying.
Some selling may come in if the pair falls to 53.45-53.48 levels, adds dealer.
