The rupee was off highs in the afternoon trade after the initial euphoria in the market.
The Reserve Bank of India (RBI) surprised the market with a status quo on interest rates in its mid-quarter monetary policy review held today.
At 12:02 pm, the rupee was quoting at Rs 61.93 compared with previous close of Rs 62.02 per dollar. The rupee had opened at Rs 61.83 and and touched a high of Rs 61.78 in morning trade due to rise in equities.
Currency dealers see the rupee weakening during the day due to dollar demand by oil marketing companies. Besides that the outcome of Fed's meet is also awaited.
