Rupee off highs as oil firms step in to buy

The rupee climbed down from the day's high of 54.6150 against dollar in afternoon trade on Wednesday and was seen trading at 54.78/79 against its previous close of 54.92/93 as oil firms stepped in to buy dollars.

The dollar/rupee pair dropped sharply earlier in the session on the back of gains in regional risk assets.

Buying was also seen ahead of central bank's reference rate fixing, though gains are unlikely to sustain for too long, traders said.

All Asian currencies were seen trading stronger compared to the dollar.

Copyright @ Thomson Reuters 2013