MUMBAI: Rupee stayed firm in afternoon trade on Tuesday comforted by dollar's weakness overseas, but volatile local shares and oil companies demand for U.S. currency arrested rupee's gains. * At 1:55 p.m., the partially convertible rupee was at 44.74/75 per dollar, stronger from previous close of 44.86/87. * Traders expect the rupee to remain in 44.70-44.82 level in rest of trade. It has so far moved in 44.7300-44.8400. * The index of the dollar against six major currencies was down 0.19 percent at 74.364 points and the euro was at $1.4452. * The euro edged up across the board on Tuesday after a batch of Chinese economic data calmed some investor worries by showing inflation was not as bad as feared and growth still solid, giving a broad boost to risky assets. * The benchmark share index was up just 0.17 percent after rising well over 0.6 percent, as banking shares fell from intraday high after data showed inflation surged further in May. * Indian inflation accelerated faster than expected in May, with higher manufacturing prices offsetting slower growth in fuel and food costs and adding pressure on the central bank to lift interest rates this week despite signs of economic slowdown.

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