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.
Foreign funds sold Indian shares worth 446.9 million rupees ($7.4 million) on Wednesday, provisional exchange data showed, marking the third consecutive session of outflows.
In New York Market, the US dollar rose against the Australian dollar on Tuesday as gold futures dropped more than two per cent and investors anticipated Chinese data that is likely to show a slowing of growth.
The rupee had lost 26 paise to close at 60.16 against the dollar yesterday on fresh dollar demand from banks and importers in view of the US currency gaining overseas and weakness in local equities.
Gandhi was the executive director at the Reserve Bank of India before being promoted to deputy governor post.
The rupee closed at 59.90 in Wednesday's trade, gaining just one paisa from its previous close.
The rupee had gained 40 paise to close at an eight-month high of 59.91 against the dollar on Friday.
The rupee closed at 60.31/32 on Thursday.
In the global markets, the euro was under pressure against the US dollar yesterday, dragged lower as European monetary policy officials indicated willingness towards supporting more stimulus measures to aid the regional economy.
In New York market, the US dollar cut its rise after a round of mixed US data yesterday, but held narrowly higher against key rivals.
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Domestic shares jumped nearly 1.5 per cent on Monday to an all-time high, surpassing their previous record hit just last week, as lenders including ICICI Bank extended a recent rally.
The US and European Union on Monday announced a round of sanctions against Russian officials.
Data late on Wednesday showed consumer price inflation eased more than-expected to a 25-month low of 8.10 per cent in February, while industrial output unexpectedly expanded, albeit only by 0.1 per cent.
Caution ahead of key consumer inflation data in the day also weighed.
The domestic currency hovered in a range of 60.59-60.85 per dollar during the late morning deals.
In New York, the dollar turned broadly higher on last Friday after data showed the US economy in February added far more jobs than expected, providing a more upbeat read on economic growth this year.
Foreign investors have bought nearly $5 billion worth of debt so far in 2014.
In Hong Kong market, the dollar fell against Japanese yen in early trade after the release of a set of stronger- than-expected economic data.
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