The Indian rupee that was fighting a battle to sustain its identity has finally got some relief. The rupee has moved upwards in domestic shares with some corporate selling of dollars also supporting the domestic unit.

But amid the demands of oil importers’ for dollars, and debt worries it position remained week. In the morning trade the partially convertible rupee was 45.3600/3650, weaker than 45.2450 per dollar than last day’s trade.

According to investors, they expected rupee to be traded at a 45.30-45.50 per dollar throughout the day.

There is a rising concern for India, whose currency fell by half a percent. They also have to give back Iran around $4 billion for its oil imports and domestic oil firms are already buying dollar to make these payments.

Now, a new strategy has been implied by the dealers and that is "buy-sell swap", in which traders bought spot dollars and sold forward dollars. Vikas Chittiprolu, a senior currency dealer with Andhra Bank said the dollar shortage would not stay for long.

“Importers are buying dollars after the rupee rose earlier today. There is a lot of panic in the forwards segment and this is reflecting in the spot market”, he added.