The Indian rupee was steady and traded at 49.29 to the dollar at 11 am IST, virtually unchanged from Wednesday's close. There was anticipation amongst dealers that the rupee would appreciate against the dollar, due to the gush of dollar inflows from foreign funds.
Until February 14, Foreign Institutional Investors have invested almost Rs 11,000 crores into the market.
However, steady demand for the dollar from importers in the last few days has prevented the rupee from appreciating.
The rupee is expected to be range bound, at least until the Greek crisis is resolved.
Adverse developments on this front could see a massive sell-off, putting pressure on the rupee.