India's rupee recovered from two-week lows hit early on Friday, as exporters cashed in on the currency's recent weakness and sold dollars while lower crude prices bolstered sentiment, dealers said. The partially convertible rupee ended at 49.01/03 per dollar, off an intraday low of 49.49, which was its weakest since October 31, according to Reuters data.
The rupee ended at 49.30/32 on Wednesday, when it fell 2.4 percent, its biggest single-day drop since February 1996. The market was closed on Thursday for a public holiday. "Exporters see little downside for the rupee past the 49 level," a state-run bank trader said.
The rupee hit a record low of 50.29 per dollar in late October. After gaining more than 12 percent against the dollar in 2007, it has fallen about 20 percent this year. Traders said they would study local share prices next week for cues on foreign capital flows.
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