MUMBAI: The Indian rupee remained stronger in afternoon session on Wednesday aided by a rebound in the euro and continued corporate dollar inflows, traders said. * At 02:20 p.m., the partially convertible rupee was at 48.89/90 per dollar, stronger than Tuesday's close of 49.065/075, after moving in a 48.7550-49.2150 band so far in the day. * The euro climbed to the session's high of $1.3638 earlier in the day after a top EU official indicated more would be done to resolve the debt crisis but was vulnerable to selling in the absence of concrete steps to beef up region's rescue fund. * Dollar inflows, mostly on account of a stake sale by India's Reliance Capital in its insurance arm to Japan's Nippon Life Insurance , helped the rupee, traders said. * Earlier in September, Reliance Capital had received regulatory approval to sell a 26 percent stake in the business to Nippon Life, and had said the deal was likely to close in a few weeks. * The index of the dollar against six major currencies was at 77.684 points from 77.911 at end of local trade on Tuesday. * The local benchmark share index partially recovered losses and was trading down 0.59 percent at 16,427.15 points. It had touched a low of 16,372.64 point earlier in the day.

Source