It moved in a range of 59.80 and 59.99 per dollar during the morning deals.
The rupee resumed higher at 59.69 per dollar as against the last closing level of 59.73 at the Interbank Foreign Exchange market.
The rupee resumed higher at 60.13 per dollar as against the last closing level of 60.20 at the Interbank Foreign Exchange market, and hovered in a range of 60.07 and 60.18 per dollar before quoting at 60.08 at 1000 hours.
The comment was in response to a June 19 Reuters story citing sources with knowledge of the matter as saying that India planned to clear some oil payments to Iran through the United Arab Emirates central bank.
Finance Minister Arun Jaitley presents his maiden budget next month and faces headwinds from a weak economy, a food inflation scare and now the risk that higher oil prices could swell the government's oil subsidy bill.
The panel, however, set some conditions for the company, including that Cairn India will have to upload the status of environment compliance, including results of monitored data, on its website and update it periodically.
Forex dealers said besides increased dollar selling by exporters, strength in other currencies against the American currency overseas also supported the rupee but a lower opening of the domestic equity market capped the gains.
Traders will continue to focus on the measures new Prime Minister Narendra Modi-led government will take to bring down the fiscal deficit and fight inflation.
Central bank steps up dollar purchases to check rupee gains
The rupee had surged 37 paise to end at a nine-month high of 59.68 against the dollar on Tuesday. Forex market remained closed on Wednesday for 'Buddha Purnima'.
Weakness of the dollar in the overseas market also boosted the rupee, a forex dealer said.
Most dealers said the heavy buying by state-run banks was on behalf of the central bank, looking to limit the volatility in the rupee, in the face of foreign fund flows into the share market.
The rupee had gained 6 paise to close at 60.07 against the dollar in Thursday's trade on fresh selling of the American currency by banks and exporters in view of strong capital inflows.
The rupee closed 2 paise lower at 60.13 on Wednesday as a sudden demand for the US currency emerged at fag-end of trade.
The rupee had gained 10 paise to close at 60.11 against the dollar in Tuesday's trade on fag-end selling of the US currency by banks and exporters.
In New York market, the dollar was little changed against major rivals yesterday as investors continued to comb through economic data and speeches from central bank officials to get a better sense of when the Federal Reserve could begin to raise interest rates.
The rupee had lost 31 paise to close at one-month low of 61.07 on Wednesday on sustained dollar demand from banks and importers.
The rupee closed at 60.76/77 on Tuesday.
Dealers attributed the fall in the rupee on Tuesday to dollar's gains against other currencies overseas, but a higher opening in the domestic equity market capped the fall.
Forex dealers said strengthening of dollar against other currencies in the global market also put pressure on the rupee but a higher opening of the domestic equity market limited the fall.
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