MUMBAI: The Indian rupee erased early gains and was trading largely steady on Monday afternoon, closely mirroring moves in the local stocks, but the dollar's losses versus major units may limit a sharp fall, dealers said. * At 2:18 p.m., the partially convertible rupee was at 46.89/90 per dollar, unchanged from Friday's close.
* Indian shares were trading almost flat after briefly turning negative. They had risen more than 1 percent in early trade boosted by a rise in financials.
* The index of the dollar against six majors was down 0.2 percent and would be watched for further clues, dealers said.
* The yen rose against the dollar on Monday after the Bank of Japan failed to signal aggressive measures to curb yen strength at an emergency meeting, choosing only to expanded a fixed-rate fund supply scheme.
* In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 47.0825, with the total traded volume on the two exchanges at a low of $2.4 billion.
