MUMBAI: The rupee continued to trade largely steady on Wednesday afternoon as see-sawing shares failed to provide a clear direction on fund flows but stronger Asian units supported sentiment.
The Philippine peso and South Korean won led the Asian currency rally on Wednesday as investors gradually resumed buying of risky assets, with concerns easing over Dubai's debt problems that dimmed dollar's safe-haven allure and boosted the yen and gold.
At 2:45 pm, the partially convertible rupee was at 46.26/27 per dollar, off an early 46.1375 which was its highest since November 26. It had closed at 46.31/32 on Tuesday.
Indian shares were trading almost flat. The rupee is nearly 13 per cent above a record low of 52.2 hit in early March, helped by foreign portfolio flows of $15.4 billion into Indian equities this year.
In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 46.3375 each, with the total traded volume on the two exchanges at about $2.5 billion.
