The Indian retracted from four-and-half month highs reached earlier in the day on Wednesday as the dollar's pared its losses against major currencies and demand for the U.S. unit from importers also weighed. At 3:07 p.m., the partially convertible rupee was at 45.04/05 per dollar, off a high of 44.85, its highest since May 10, but still stronger than Tuesday's close of 45.15/16. "There have been a lot of importers in the market suddenly and the euro too has come off," a senior dealer with a foreign bank said. The index vs six majors was down 0.2 percent, compared with 0.4 percent earlier.

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