RTRS:Rupee off 2-year low on local shares, dollar inflows
(Reuters) - The rupee pulled back from the two-year low touched earlier on Tuesday comforted by gains in domestic equities and a rebound in the euro.
* Traders said inflows of around $600 million most likely on account of a 26 percent stake sale by Reliance Capital in its insurance arm, Reliance Life Insurance, to Japan's Nippon Life Insurance helped limit rupee losses to some extent earlier in the day.
* At 1:56 p.m., the partially convertible rupee was at 48.08/09 per dollar, weaker than Monday's close of 47.815/825 but stronger from intraday low of 48.24, a level last seen Sept. 25, 2009.
* The local benchmark share index rose more than 1.5 percent led by gains in export-driven software firms.
* Further recovery in the rupee may however be limited as worries over euro zone debt crisis remain accentuated after rating agency Standard and Poor's cut its debt rating on Italy and Greece struggles to prevent a default.
* The euro was at $1.3679, higher from day's low of $1.3594 and from $1.3669 at end of rupee trade on Monday, while the dollar index was at 77.063 points from 77.082 points previously.
(Reporting by Aditya Phatak; Editing by Sunil Nair)
