(Reuters) - The rupee recovered intraday losses to nudge higher in afternoon trade on Wednesday supported by upbeat local shares and hopes that euro zone economies will take firm steps at Friday's summit to dig the region's out its debt imbroglio. * A big rise in the rupee was limited by dollar demand of local oil refiners, traders said. * At 2:25 p.m., the partially convertible rupee was at 51.38/39 per dollar, stronger from Monday's close of 51.41/42, after dipping to 51.53 in early trade. Indian markets were shut on Tuesday for a religious holiday. * Growing optimism that euro zone leaders are on track to produce a confidence-boosting package of measures to solve the debt crisis at their weekend summit lifted risk appetite on Wednesday, with the euro and global equity markets posting gains. * The single currency was at $1.3439 after touching a low of $1.3399. It had been $1.3433 at end of rupee trade on Monday. The index of the dollar against six major currencies was at 78.348 points from 78.483 previously. * Traders said the Reserve Bank of India's assurance that it would prevent the rupee from falling sharply by intervening in the forex market was also seen prevent any sharp decline in the local currency.

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