(Reuters) - The rupee declined most in more than a week on Friday, on worries that the European leaders will struggle to resolve the debt crisis denting demand for riskier assets, while dollar demand from oil importers and a slide in local equities also weighed. * At 02:25 p.m., the partially convertible rupee was at 52.21/22 per dollar, sharply weaker from its 51.75/76 close on Thursday, after dipping to 52.35 in early trades -- a level not seen since November 30. Most traders expect the rupee in the 52.10-52.40 range in the day. * Traders said dollar buying by oil companies and negative domestic shares hit by growth concerns pulled down the unit. Risk-off sentiment globally as hopes dimmed that a European Union summit would make substantial progress toward containing the euro zone debt crisis also weighed. * The euro dipped on Friday and languished near a one-week low as hopes dimmed that a European Union summit would make substantial progress toward containing the euro zone debt crisis. * The Reserve Bank of India Governor Duvvuri Subbarao on Thursday had said rupee was always on the RBI's radar and the central bank will intervene only to manage volatility. * However, on Wednesday, Subir Gokarn, a deputy governor at the RBI, had said the bank does not want the current fall in the rupee to spiral out of control.

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