BUG #1533: "*OLD*" relation not recognized in CREATE RULE

The following bug has been logged online:

Bug reference:      1533
Logged by:          Henk van den Toorn
Email address:      vdtoorn@hotmail.com
PostgreSQL version: 7.4.3-7
Operating system:   Freebsd 5.3
Description:        "*OLD*" relation not recognized in CREATE RULE
Details:

When creating a rule:

CREATE RULE rulename AS ON UPDATE
table WHERE OLD.index = NEW.index
DO INSTEAD NOTHING;

Postgresql responds with

ERROR: relation "*OLD*" does not exist

All kind of variations on "*OLD*"
like:

old.index; OLD.index; "*OLD*".index

do not work, nor does changing the order of the elements in the WHERE
clause.