The rupee traded rangebound, but higher against dollar on Monday afternoon. It traded near 54.98/99 levels versus its previous close at 55.07/08. The currency has so traded in a 54.93-55.04 band. Fund-related selling by foreign banks is matched by oil-related demand from state-run companies, a senior dealer said. "Oil-related dollar buying has been concentrated via the state-run banks but some buying is also happening via private banks," the dealer added. The rupee is now expected to trade in the 54.90-55.10 band for the rest of the session.

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