* Inflows after 3-day weekend help
* State-run banks buy dlrs, rupee off 2-wk high
* Traders cautious on stock direction (Updates to mid-morning)
The rupee was trading near a two-week high on Tuesday, boosted by gains in local shares and other Asian currencies, but some dollar buying by state-run banks capped the rise.
At 10 a.m. (0430 GMT), the partially convertible rupee INR=IN was at 46.04/045 per dollar, after opening at 45.95, a level last seen on Feb. 17. It had ended at 46.085/095 on Friday and the market was closed on Monday for a holiday.
"Firstly, stocks are positive at the moment, so some positive out there. Second, we had a long weekend so pipeline supplies should keep the trend stronger for the rupee," said R.K. Gurumurthy, treasurer at ING Vysya Bank.
The rupee had traded in the narrow range of 45.95-46.07.
"We see some buying by state-owned banks, could also be genuine import covers," Gurumurthy said, adding that there was also caution on where the stock market would go from here.
Indian shares .BSESN were up 1.1 percent, and most Asian units were stronger compared to the dollar. See [EMRG/FRX] for a snapshot.
One-month offshore non-deliverable forward contracts PNDF were at 46.08/18, close to the onshore rate.
In the currency futures market INRFUTURES, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 46.1250.
source: http://in.reuters.com/article/companyNews/idINSGE62105620100302
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