Jan 27 (Reuters) - The Indian rupee hovered just below its two-and-a-half month high on Friday on the back of positive local shares and dollar inflows.
* At 2:26 p.m. (0856 GMT), the rupee was at 49.52/53 to the dollar, after touching 49.44, its highest since Nov. 9, and firmer than 50.09/10 at close on Wednesday. The market was closed on Thursday for a local holiday.
* Indian shares rose 0.7 percent and were on track to post their fourth weekly gain in a row, on expectations improving global risk appetite will draw in more portfolio investments.
* Foreign institutional investors have bought Indian shares worth $1.56 billion so far in January, and invested $3.39 billion in debt.
* Traders said developments in Greece would provide directional cues and influence dollar inflows into India.
* Greece and its private creditors made progress on Thursday in talks on restructuring its debt, both sides said, and they will continue negotiating on Friday with the aim of sealing an agreement within a few days. (Reporting by Shamik Paul; Editing by Aradhana Aravindan)
