MUMBAI, July 14 Reuters The Indian rupee was trading little changed on Friday as corporate dollar demand pushed the currency off the day39;s highs.

The rupee was trading at 82.0625 against the dollar at 1034 a.m. IST, compared with 82.0725 in the previous session. The currency had hit a near twoweek high of 81.94 in early trades, and is on course to log its best week in over four months.

Interestingly, the rupee has disregarded the trend of the dollar index and remains relatively stable, said a trader with a private bank.

That has largely to do with expectations that the Reserve Bank of India will cap the rupee39;s upside above 81.80, importer hedging and speculators staying at bay, the trader said.

Unless the rupee appreciates above 81.80 convincingly, we can expect a rangebound market, he added.

Asian shares and currencies rose, while the dollar index slipped below 100 to a fresh 15month low as expectations of the Federal Reserve pausing interest rate hikes firmed up.

U.S. producer price data reinforced expectations that the Fed is nearly done with its rate hiking cycle.

Investors have completely pricedin a 25 basis points bps hike by the Fed at its July 2526 meeting. Beyond that, the U.S. central bank is widely expected to pause.

The SP 500 Index hit a 15month high on Thursday, while U.S. yields extended declines on the Fed39;s expected rate outlook.

The twoyear U.S. yield is now 50 bps below last week39;s high, while the 10year is down almost 32 bps lower…