* Uncertainty on euro zone crisis seen keeping mood cautious
* Volatility will remain in local currency, equities - traders
* Dlr selling by some foreign banks aids rupee - traders (Updates to close)
By Aditya Phatak
MUMBAI, Nov 2 (Reuters) - The Indian rupee reversed intraday losses on Wednesday, buoyed by dollar inflows and gains in the euro, although trade remained choppy as investors fretted over Europe's plan to resolve its debt crisis after Greece's referendum call.
The U.S. Federal Reserve's rate decision at 1630 GMT was unlikely to provide much direction to the local as the market will pay more attention to the European Central Bank's rate move on Thursday and its view on the region's economy, traders said.
Persistent dollar selling from some foreign banks also aided the local currency intraday, they said.
The partially convertible rupee ended at 49.18/19 per dollar, 0.2 percent stronger from Tuesday's close of 49.27/28 and after trading in a wide band of 49.15 to 49.42 in the day.
"Rupee was helped higher mostly by the euro. But yes, volatility will continue given the uncertainty in the euro zone," said Kamlakar Rao, head of foreign exchange trading at the state-owned Allahabad Bank.
Rao expects exporter-led dollar selling to prevent the rupee from dropping past the 49.50 mark in the near term.
However, some traders believe euro zone's woes will only exacerbate in coming days and rupee could cross the 30-month low of 50.32 hit on Oct. 21.
Greek Prime Minister George Papandreou said he would push ahead with a referendum on an EU bailout deal, defying demands from lawmakers of his own party that he quit for jeopardising Greek membership of the euro.
The Greek government will now face a confidence vote on Friday and if it loses the vote, a new general election will be called and most likely there will be no referendum. But this is likely to spark renewed uncertainty and increase the chances of a disorderly default by Greece and risk of contagion.
The euro was at $1.3780 at end of rupee trade, compared with $1.3702 on Tuesday, while the index of the dollar against six major currencies was at 76.943 points versus 77.273 points previously
Indian shares closed 0.09 percent lower in choppy trade.
The one-month onshore forward premium on the rupee was at 26.75 points from 28 on Tuesday, the three-month premium was at 69.75 points from 66.50 and the one-year premium was at 170.25 points from 161.25 points.
The one-month offshore non-deliverable forward contracts were quoted at 49.52, weaker versus the spot rupee rate.
In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange ended at 49.4150 while those on the MCX-SX and the United Stock Exchange both ended at 49.4200. The total traded volume on the three exchanges was $4.04 billion. (Editing by Aradhana Aravindan)
