The rupee trimmed its fall from three-week lows on Wednesday afternoon tracking a brief recovery in local shares, but weakness in other regional currencies continued to weigh on sentiment.
At 12:50 pm, the partially convertible rupee was at 47.10/11, off an early low of 47.1950, its weakest since October 6, but still below its previous close of 46.88/90.
Stocks were trading marginally lower after having briefly turned positive.
Foreign fund investments in local shares have reached a net $14.1 billion so far in 2009 and have been a key factor fuelling the rise in both the equity market and the rupee. Last year, foreigners had pulled out a net over $13 billion.
Most Asian currencies were lower compared to the dollar.
In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 47.18 and 47.1775 respectively, with the total traded volume on the two exchanges at about $963 million.
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