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The Indian rupee was little changed near a record low on Friday, as likely intervention by the central bank countered the impact of outflows from local stocks.

The rupee was at 84.37 as of 11:40 a.m. IST, just shy of its all-time low of 84.3775 hit in the previous session.

State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, near 84.37-84.3750 levels, traders said.

While the dollar index has given up a large part of the gains spurred by Republican Donald Trump's U.S. election win, the rupee has not recouped losses because of persistent selling of local stocks.

Overseas investors have pulled out over $1.5 billion from the Indian equity market in November so far, on top of the $11 billion outflow in the previous month.

India's benchmark equity indexes, the BSE Sensex and Nifty 50, were down 0.1% and 0.2%, respectively, on the day. The Nifty is down 8% from its record high hit late September.

The dollar index dropped 0.7% on Thursday and was last quoted little changed at 104.4 in Asia hours while regional currencies were mixed.

The U.S. Federal Reserve delivered a widely expected rate cut on Thursday and signalled a cautious and patient approach to subsequent policy easing.

The offshore Chinese yuan was down 0.1% at 7.12 on Friday but has recovered after falling below 7.20 following Trump's victory.

"Given that there has been a recovery in the offshore Yuan, we may see the RBI intervene a bit more aggressively," FX advisory firm IFA global said in a note.

Meanwhile, dollar-rupee forward premiums declined, with the 1-year implied yield down 5 basis points at 2.17%, its lowest since mid-October, on broad-based receiving interest from exporters, foreign and state-run banks.