 "Rupee falls as importers buy dollars")
The rupee is trading at 58.74/75 versus its close of 58.63/64 on Tuesday, as state-owned banks bought dollars on behalf of importers, while falls in local shares hurt.
The market expects the USD/INR pair to consolidate around present levels while closely monitoring direction of foreign flows into local shares and debt.
A trader with a brokerage expects USD/INR gains to be capped at 59.30 in the near term.