RTRS: Indian rupee trims gains as stocks slide; oil buying
MUMBAI, Dec 5 (Reuters) - The Indian rupee trimmed gains in afternoon trade on Friday as losses in the domestic share market raised concerns over foreign fund flows while some dollar demand from oil refiners also weighed.
* At 3:05 p.m., the partially convertible rupee was at 49.72/73 per dollar, off a high of 49.5450 but still stronger than its previous close of 49.87/89.
* India's main share index .BSESN fell more than 3 percent on Friday, with traders saying expectations of an interest rate cut and an industry assistance package had been factored into Thursday's 5.5 percent surge. See [.BO].
* Oil CLc1 dropped to its lowest in nearly four years which improved sentiment for the rupee, as it would ease pressure on India's widening trade deficit.
* Dealers said a large foreign bank was seen selling dollars in the market which helped hold up the rupee, but there was some demand from oil firms at lower levels, preventing a sharp rise. (Reporting by Swati Bhat; Editing by Ramya Venugopal)
