RPT-Indian rupee off lows on profit-taking; stx trim fall

MUMBAI, Oct 29 (Reuters) - The Indian rupee bounced back from its lowest level in nearly a month on Thursday afternoon as exporters sold dollars following the rupee's sharp fall against the greenback over the last four sessions while a recovery in the local sharemarket also boosted.

* At 2:20 p.m., the partially convertible rupee INR=IN was at 47.34/35 per dollar, off a low of 47.6250 earlier in the session, its lowest since Oct. 5, and unchanged from its previous close of 47.34/35.

* At the day's low, the rupee had shed 2.4 percent of its value so far this week hurt by dollar demand from refiners and importers to meet month-end committments and weakness in the stock markets.

* Shares .BSESN which dropped over 1.5 percent in early trade, recovered most losses to be trading down 0.3 percent. [.BO]

* Foreign portfolio inflows into local shares are a key driver for the rupee. Foreigners have bought a net $14.4 billion of local equities so far this year, after being sellers of more than $13 billion in 2008.

* In the currency futures market INRFUTURES, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 47.4450 each, with the total traded volume on the two exchanges at about $2.2 billion. (Reporting by Swati Bhat; Editing by Ramya Venugopal)