It was expected that the Eurozone meeting that has been scheduled for later in the day, would present a solution for the region’s sovereign debt crisis and with this, on Thursday, the rupee also got a little changeover. But the traders were unconvinced by such euro’s gains.

According to traders, Choppy local shares also provided a little direction to them. But due to lacklustre trading, there would be a low volume in the dollar-rupee market.

On Wednesday, the partially convertible rupee was closed at 44.45/46 and on Thursday also, around 11:26 a. m., it remained almost the same. With a barely changeover, it was found to be at 44.4425/4450.

In this regard, as told by one of the senior foreign exchange dealer at a private-sector bank, “How do we know what has been priced into the euro? Or what direction it will take after the outcome of the summit? So traders are not going to take risks until then”.

At the same time, on Thursday, following an agreement between Germany and France according to which there would be a joint position for bailing out Greece and encouraging hopes for real progress at the coming European meeting, the euro also edged up against the dollar.