The Indian rupee weakened to its lowest level on record on Friday before ending higher as the central bank's intervention supported the currency in the face of the U.S. dollar jumping to a two-year high.

The rupee touched an intraday record low of 84.507 to a dollar, but ended stronger at 84.445/$1, despite the US dollar index strengthening to a two-year high, as the Reserve Bank of India (RBI) likely sold the greenback to cap further depreciation in the currency,

The rupee weakened below the psychologically important 84.50-per-dollar level to hit an all-time low on Friday as the greenback's post-U.S. election rally revived and as foreign investors continued to pull out of domestic equities and bonds.