Rupee was steady in afternoon trade on Wednesday helped by lower oil prices, which eased concerns of a widening trade deficit, and also bolstered by gains in the local share market.

* At 2:40 p.m. the partially convertible rupee was at 41.9875/9925 per dollar, stronger than its previous close of 42.23/24.

* Oil fell to a 3-month low on Wednesday, as lingering concerns of a weak U.S. economy continued to weigh on demand, but conflicts in Nigeria and Iran's nuclear dispute could counter the bearish effects.

* Oil was trading above $119 per barrel in afternoon trade on Wednesday, rising a little from three-month lows, but still considerably below a record $147.27 hit last month.

* India's main share index was up 2.3 percent tracking gains in overseas markets after the U.S. Federal Reserve kept interest rates unchanged and global oil prices dropped.