Rupee trades lower on oil demand

Traders expect strong resistance at around 60.50 levels

The rupee is trading at 60.45/46 versus its previous close of 60.37/38, retreating sharply from the day's high of 60.26 on heavy buying of the greenback by state-run oil companies.

Traders expect the USD/INR pair to see strong resistance at around 60.50 levels, limiting much further upside.

Gains in the domestic sharemarket and other Asian currencies are also expected to limit the upside in the pair.

Local shares are trading up 0.8% after three straight session of losses as IT companies recovered after Tata Consultancy Services Ltd earnings.

Most emerging Asian currencies edged up on Thursday as the dollar eased broadly after US Federal Reserve Chair Janet Yellen's dovish comments on monetary policy, while trading was subdued ahead of a holiday in some markets.