ET:Rupee off highs as stocks fail to hold on to early gains
The rupee was trading at 62.20/21 versus its previous close of 62.2825/2925 tracking gains in most other Asian currencies versus the dollar, but the pair off its low as domestic shares turn negative.
The pair had dropped as low 62.08 earlier in the day. It is seen moving in a 62.00 to 62.40 range during the session. Traders will watch domestic shares, currently trading down 0.03 percent, for cues on foreign fund flows.
Dollar demand from importers to hedge fiscal year ending position may also limit the pair's losses, trader with brokerage said.
Most emerging Asian currencies climbed on Monday, tracking gains in regional stocks, while investors awaited testimony by new Federal Reserve Chair Janet Yellen later this week for clues on future US monetary policy.
