Rupee off highs, domestic shares hurt

Dealers see dollar demand from OMCs later in the day

The rupee is trading at 62.20/21 versus its previous close of 62.2825/2925, but is off its highs as domestic shares turned negative.

The rupee had gained as much as 62.08 earlier in the day. It is seen moving in a 62.00 to 62.40 range during the session.

Currency dealers believe dollar demand from oil marketing companies may emerge later. There may also be dollar demand for defense related purchases, said dealers.