MUMBAI -- The Indian rupee recovered from a near two-week low against the U.S. dollar Friday due to a suspected intervention from the Indian central bank, according to dealers.
The Reserve Bank of India is likely to have sold dollars when the greenback was trading at 49.68 rupees-49.70 rupees, four dealers said.
The greenback was trading at 49.51 rupees at 1101 GMT, down from a near two-week high of 49.76 rupees, compared with 49.49 rupees late Thursday in Asia.
The rupee, Asia's best-performing currency so far in 2012, has followed a downward trend in recent sessions as importers have snapped up on dollars at every dip, while inflows into local debt and stocks have tapered down.
The rupee had hit an all-time low of 54.2925 to a dollar Dec. 15, but has recovered from there following a raft of steps by authorities to ease foreign investment.
