(Reuters) - The rupee recovered partly in Wednesday's afternoon session from the near-two-year low of 48.02 per dollar hit earlier, as local shares trimmed losses and the euro pulled back. * At 2:08 p.m., the partially convertible rupee was at 47.79/80, weaker from Tuesday's close of 47.59/60, but up from the day's low 48.02, a level last seen on Sept. 29, 2009. * Traders believe developments in the euro zone and the movement in its currency holds key to rupee direction as international alarm over the region's debt crisis grows. * Moody's Investors Service cut the credit ratings of two major French banks on Wednesday, a day after Italy was forced to offer the highest interest on 5-year paper since it joined the euro in 1999. * The euro was at $1.3645, below $1.3678 at the end of the rupee trade on Tuesday, but up from intraday low of $1.3592. * The index of the dollar against six major currencies was at 77.263 points from 77.094 previously. * The local benchmark share index pared early loses and was up nearly 1 percent. (Reporting by Aditya Phatak ;Editing by Sunil Nair)

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