Mumbai: The Indian rupee trimmed most of its losses in afternoon trade on Monday and was largely flat tracking the domestic sharemarket and the dollar’s moves versus major currencies.

At 2:40pm, the partially convertible rupee was at Rs46.16/17 per dollar, little changed from its previous close of Rs46.15/16. The rupee fell to Rs46.2750 during Friday trade, its lowest since 5 January.

Indian shares were trading down 0.2% recovering from a fall of 0.9% earlier.

The dollar slipped against the euro and higher-yielding currencies on Monday as some investors took profits on the US currency’s broad gains last week which had been fuelled by risk aversion.

One-month offshore non-deliverable forward rupee contracts were quoted at Rs46.245/285, weaker than the onshore spot rate.

In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at Rs46.1775, with the total traded volume on the two exchanges at about $3.95 billion.