The rupee recovered 1.6 percent from the day's low on Wednesday after the Reserve Bank of India's suspected intervention, a day after the currency had slumped to an all-time low.
State-run banks were spotted selling dollars starting at 52.55 rupees, likely on behalf of the RBI, to stem rupee's slide, five traders said.
At 9:38 a.m. (0408 GMT), the partially convertible rupee was at 51.90/91 per dollar, after touching 51.76 from the day's low of 52.60, Reuters data showed.
The unit had closed at 52.2950/3050 on Tuesday after hitting a record low of 52.73.
