MUMBAI (Reuters) - The rupee trimmed its fall in afternoon trade on Wednesday as the dollar failed to sustain gains versus majors but losses in local shares continued to weigh. * At 2:05 p.m, the partially convertible rupee was at 46.38/39 per dollar, off an early low of 46.52, its weakest since Oct. 12 and below its Tuesday's close of 46.11/12. * The dollar edged lower against the euro and higher-yielding currencies on Wednesday as a brief recovery from a 14-month low versus a currency basket fizzled out, helped by equity market gains which encouraged risk-taking. * Shares were trading down 0.4 percent, on subdued Asian markets as disappointing U.S. economic data dampened sentiment. * In the currency futures market , the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 46.4175 and 46.42 respectively, with the total traded volume on the two exchanges at about $1.9 billion.

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