Indian rupee was trading marginally weaker in late afternoon session on Wednesday tracking weakness in domestic equities and losses in the euro .
At 4:25 p.m., the partially convertible rupee was at 44.74/75 per dollar, marginally weaker from Tuesday's close of 44.73/74, and well below its intraday peak of 44.6650. Traders said dollar selling from custodian banks which had lent strength to the rupee earlier in the day was now out of the way.
"The policy is in focus now, rate hikes are positive for the rupee from a long-term perspective. But rupee will move based on what stocks do immediately after the policy," a dealer with a private bank said.
