Rupee treads water, traders await range break to gauge directional trend

The Indian rupee hovered around 94.3675 per dollar in early trade, little changed from its Thursday close of 94.9350. After dropping to a record low of 96.96 in May, the rupee has snapped its bearish trend and is on course for monthly and quarterly gains, trading in a 94 to 95 range. Traders suggest the RBI is unlikely to allow the rupee to weaken beyond 95, while attention also shifts to upcoming US jobs data and Federal Reserve rate expectations.