Mumbai,Mar 1 (UNI) The Indian rupee was range bound today and quoted at 44.29/30 against US dollar during the opening session as traders searched for fresh cues, though fears of capital outflows from the local equities, that fell 4 per cent in the previous session, loomed over the currency market.

Traders keenly watched the Central Bank that was seen selling dollars on Wednesday to halt the rupee's slide. This came after months of suspected intervention by the Reserve Bank of India to weaken the Indian unit.

Later, the partially convertible rupee was at 44.27/28 per dollar.

It had ended at the same point on Wednesday, but off an intra-day low of 44.37, its weakest level since January,15.

''The Central Bank's efforts to prevent the rupee from free-falling yesterday was expected to some extent. Their stated policy is to control volatility, and it would have been hard for them to let the currency go on budget day,'' a leading dealer said, referring to India's federal budget that was delivered on Wednesday.

''But with global markets settling down, I expect things to be a little calmer today,'' added the dealer, who expects the rupee to trade in a 44.22-30 range on Thursday.

UNI