The Indian rupee fell towards 50 per dollar in late trade on Wednesday, posting its weakest close since early December as the dollar's strength against major currencies overpowered its early gains on a rising sharemarket. The partially convertible rupee closed at its low for the day of 49.96/97 per dollar, off a high of 49.72 and 0.2 percent below its previous close of 49.87/88. It was the weakest close since Dec. 3 and took its losses this year to 2.5 percent. "There was some dollar buying coming in during late trade as the U.S. unit strengthened against other cross currencies overseas," a senior dealer at a foreign bank said. The dollar index <=USD>, a gauge of the U.S. unit's performance against the majors, was up 0.3 percent at 1130 GMT. The dollar gained as concern about the global economy crept back in to boost the perceived safe-haven currency, while the yen continued to fall broadly.

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