(Reuters) - The rupee reversed most early gains in afternoon trade on Wednesday, dragged by choppy domestic equities and dollar buying by some custodian banks for their customers. * Selling pressure on rupee also intensified after domestic oil companies stepped up demand for dollars, traders said . * Oil is India's biggest import and local refiners are the largest purchasers of dollars in the domestic foreign exchange market. * At 2:48 p.m., the rupee was at 49.39/40 per dollar after rising as high as 49.10 in early trade . The unit had closed at 49.40/41 on Tuesday. * The benchmark shares index was trading down 0. 3 percent after rising as much as 1.1 percent.

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