"Spot USDINR has been trading in sideways to lower for the past three consecutive sessions and settled on Thursday at just above 100-Day EMA of 54.51 levels. A break and close below 54.50 can attract more selloffs towards 54.30 levels, failure of which can take prices back to 54.75 followed by 55 levels," said Emkay Global Financial Services.

"Higher Foreign capital inflows helped the rupee gain on Wednesday which overshadowed the dollar demand by oil companies. Rupee was also supported by a stronger euro against the dollar which gained as the ECB kept its interest rates unchanged. Rupee is likely to move in a range as worries over high current account and fiscal deficit continue to put pressure while it is supported by foreign capital inflows."

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