The rupee was down 8 paise in early trade on reduced demand for the dollar. The Indian currency was seen trading at 55.43, against Monday's closing of 55.52 at 9.50 am IST.
The currency is expected to remain steady in the short term, however, in the more medium term it could lose ground if fuel prices are not increased.
Brent crude has rallied from under $100 to the current levels of $116 per barrel. Increase in the prices of crude puts pressure on the rupee. Going forward it is unlikely that the price of crude is unlikely to reduce given the hopes of stimulus across the globe, particularly from countries like China, US and Europe.
Foreign fund flows have also dried up, which is likely to exert pressure on the currency.
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