MUMBAI, Nov 14 (Reuters) - 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 Oct. 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 Feb. 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. Traders said lower global oil prices calmed worries about a widening trade deficit. Oil CLc1, India's biggest import, traded around $58 a barrel. It has fallen from a record high above $147 touched in July. "Lower oil prices coupled with new discoveries will likely result in an improvement in the trade and current account deficits," Citigroup said in a research note. 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. Indian shares fell 1.6 percent on Friday to their lowest close in more than two weeks as the gloomy global economic outlook wilted early gains, with wary investors eyeing this weekend's G20 meeting for some direction. [.BO] Foreign fund selling of shares has also been a key factor in the rupee's weakness this year. They have so far sold a net $12.9 billion worth of shares after buying a record $17.4 billion last year. (Editing by Mark Williams)

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