MUMBAI, Nov 20 (Reuters) - The Indian rupee further recovered from fresh one-week lows touched early on Friday helped by an over-1 percent rise in local shares but a stronger dollar overseas limited a sharper rise. * At 2:30 p.m., the partially convertible rupee INR=IN was at 46.52/53 per dollar after hitting 46.75, which was its weakest since Nov. 13. It had closed at 46.6850/6950 in the previous session. * The dollar and yen on Friday kept their broad gains made the previous day but investor selling of higher-yielding currencies slowed as profit-booking on their rallies of the past few months eased up. [USD/] * Indian shares .BSESN reversed early losses and rose 1 percent on Friday afternoon, led by Reliance Industries (RELI.BO: Quote, Profile, Research), as investor sentiment improved with European markets edging higher. [.BO] * Foreign portfolio investments of nearly $15.4 billion in 2009, have helped the rupee recover from a record low of 52.2 touched in early March. * One-month offshore non-deliverable forward contracts PNDF were quoting at 46.58, marginally weaker than the onshore spot rate. * In the currency futures market INRFUTURES, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 46.5475 and 46.55 respectively, with the total traded volume on the two exchanges at about $2.4 billion. (Reporting by Swati Bhat)

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