Indian rupee gains as stx seen rising; Asian units up

MUMBAI, Nov 4 (Reuters) - The Indian rupee rose on Wednesday tracking higher regional units and gains in Asian stock markets, which could prompt foreign investors to bring in more funds into the local market.

* 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 0348 GMT (9:18 a.m.), the MSCI index .MIAPJ0000PUS of Asian stocks ex-Japan was trading up 0.9 percent, while the Nifty India stock futures SINc1 traded in Singapore were 1.2 percent higher, both pointing to a firm start to the local market.

* At 9:18 a.m. the partially convertible rupee INR=IN was at 47.17/18 per dollar, stronger than its previous close of 47.40/41.

* 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/]

* Most Asian units were stronger compared to the dollar. For a snapshot see [EMRG/FRX] (Reporting by Swati Bhat; Editing by Prem Udayabhanu)