The rupee is trading steady on the day at 59.66/67, down sharply from a more than one-week high of 59.32 hit in opening deals as importers rush in to buy the greenback.
Traders say importer demand especially from oil firms being seen in the market though supplies are expected to come in around 59.70 levels.
Traders say importer demand may taper off in post lunch session and if supply is good with stocks remaining strong, the pair may again target 59 levels on the downside.
Shares trading up 2.2 per cent on the back of bullishnes seen across equity and currency markets in Asia following dovish comments from the Federal Reserve Bank chairman Ben Bernanke on the monetary stimulus plan.
