Rupee pares gains tailing weak euro

The rupee quickly lost its initial gains to snap a four-day rise in early trade on Wednesday, tracking a weak euro as investors positioned for a European Central Bank policy meeting on Thursday.

Traders will watch the debt limit auction to overseas investors for cues.

At 9.09 a.m, the rupee was at 54.53/54 to a dollar, as against Tuesday’s close of 54.36/37. It opened at 54.35 to the dollar.