Foreign funds have pumped in $2.2 billion over nine sessions to Tuesday, latest data from the Securities and Exchange Board of India showed, as global appetite for risky assets perked up.

At 10:55 a.m. (0525 GMT), the partially convertible rupee was at 44.4200/4225 per dollar, stronger than 44.4750/4850 at close on Wednesday.

"The rupee is supported by strong foreign fund flows to equity," said a senior trader at a foreign bank.

The main stock index, which has been a laggard this year, had climbed 2.9 percent last week following the revival in foreign fund buying. The benchmark was trading up 0.5 percent on Thursday.

A senior trader at state-run bank forecast a range of 44.35-48 for the day, saying 44.35 was a crucial level. "If that breaks, it could rise to 44.28 percent," he said.

Most Asian currencies were stronger. See for a snapshot.

The index of the dollar against six major currencies was down 0.12 percent at 75.029 points.

The one-month onshore forward premium was at 24 points from 24.25 at close on Wednesday, the three-month was at 72.25 points from 75.75 and the one-year was at 244 points compared with 249.

One-month offshore non-deliverable forward contracts were quoted at 44.51, weaker than the onshore spot rate.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were all at 44.5525. The total volume was at $2.64 billion.

Copyright Reuters, 2011