MUMBAI (Reuters) - The 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 of Asian stocks ex-Japan was trading up 0.9 percent, while the Nifty India stock futures 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 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.

* Most Asian units were stronger compared to the dollar.

(Reporting by Swati Bhat; Editing by Prem Udayabhanu)

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