ET:Rupee trims initial gains against dollar; US Fed eyed
Rupee recovers to trade weaker at 59.36/37, off the day's low of 59.05 hit in early trade and above its close of 59.31/32 on Tuesday as importers and a mid-sized corporate stepped up purchases of the greenback, traders say.
The market is also expected to be rangebound ahead of the Federal Reserve chairman's testimony later in the week. Asian currencies also trading largely unchanged.
Ben Bernanke is set to appear before Congress on Wednesday and Thursday, which could provide clues on the timing of the Fed's planned reduction in its monthly bond-purchases of $85 billion.
The rupee is seen moving in a 59.10 to 59.60 range in the rest of the session, dealers say.
