Indian rupee seen higher as Asian stocks rise

MUMBAI, Nov 4 (Reuters) - The Indian rupee is expected to rise on Wednesday on the back of gains in regional stock indices, which could boost foreign portfolio inflows.

* Foreigners have bought more than $14 billion of local equities so far this year, after being sellers of more than $13 billion in 2008.

* At 0240 GMT, the MSCI index .MIAPJ0000PUS of Asian stocks ex-Japan was trading up 0.7 percent, while the Nifty India stock futures SINc1 traded in Singapore were 1.4 percent higher, both pointing to a firm start to the local market.

* The partially convertible rupee ended at 47.40/41 per dollar on Tuesday, off an intraday low of 47.50 and about 0.9 percent weaker than its previous close of 46.96/97.

* Traders said they would be watching the dollar's moves versus other Asian units and majors for further direction, ahead of the stock market open.

* The dollar steadied on Wednesday, having hit a one-month high on a basket of currencies while the euro and growth-linked currencies were subdued, hurt by profit-taking by funds ahead of year-end book closing. [USD/] (Reporting by Swati Bhat; Editing by Ranjit Gangadharan)