* Exporters encouraged by cbank's defence in recent sessions * Stocks recovery after shaky start also helps rupee (Updates to mid-morning) MUMBAI, Nov 24 (Reuters) - The Indian rupee was little changed on Monday as some exporters sold dollars around 50 rupees and the domestic share market recovered after starting lower. At 10:30 a.m. (0500 GMT), the partially convertible rupee was at 50.01/04 per dollar, slightly stronger than Friday's close of 50.04/05. On Thursday, it had hit a record low of 50.60. "There is strong defence around the 50.40 mark from the central bank in the last few days, so the market is a bit long rupee, looking for further upside," said a senior dealer with a private bank. "Exporters are selling dollars. Unless we see some very bad news for the rupee I see it ranging 49.50-50.40 in the short term," he added. India's main share index .BSESN fell more than 2 percent early weighed down by weak Asian markets, but then reversed direction to be up more than 1 percent. See [.BO] Traders would be watching foreign funds, which have sold a net $13.5 billion worth of Indian stocks in 2008 after buying a record $17.4 billion last year. The central bank in recent months has been selling dollars in the currency market either directly or through state-run banks to prop up the falling rupee, which has shed more than 21 percent so far this year. One-month offshore non-deliverable forward contracts PNDF were quoting at 50.90/51.05, weaker than the onshore spot rate, indicating a bearish outlook for the currency. (Reporting by Swati Bhat; Editing by Ranjit Gangadharan)

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