Rupee opens lower in line with weakness in Asian fx, stocks. The pair is at 54.39/40 versus Tuesday close of 54.26/27.
A private bank dealer expects some selling to come in the early session, keeping gains in check.
Dealers will watch for stock cues and developments on the political front.
A dealer keeps a 54.30-54.65 range for the session.
The pair has short-term resistance at 200 DMA at 54.52 and subsequently previous high of 54.56, seen on March 20.
Most Asian currencies trading weaker against the dollar. For a snapshot, see.
The yen retreated from a one-month high against the dollar early in Asia on Wednesday, while the euro was subdued in a market largely lacking conviction as investors await policy decisions by the Bank of Japan and European Central Bank.