Traders expect the rupee to remain wedged between the 59.60 and 60.50 levels in the absence of any key triggers in the near-term.
Investors are trying to push ahead with dollar purchases, emboldened by improving market sentiments
The rupee is currently hovering around Rs 65/USD at 2-year lows.
Dollar sales by exporters and firm local equities also supported the local currency.
The rupee ended higher for the second consecutive week.
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Increased demand for the dollar from importers affected the value of the rupee
Weakness in the dollar against some currencies supported the rupee.
The rupee had lost 10 paise to close at 21-month low of 64.26 against the greenback in Tuesday's trade.
The RBI fixed the reference rate for the dollar at 64.1505 and for the euro at 72.2720.
The price reduction will be effective midnight tonight, announced Indian Oil Corp
The rupee has dropped by 21 paise or 0.32 per cent in the last two sessions.
Forex dealers said dollar's weakness against other currencies overseas supported the rupee.
For the first time in India, Swiss Learning, an educational body managed by the Heads of Swiss Educational Institutes, has brought representatives from various schools from the country to meet stakeholders, Indian schools and parents of potential students.
Fag-end selling of dollars by banks and exporters
Fresh selling of dollars by banks and exporters on the back of good foreign capital inflows helped the rupee
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Upstream firms have a tremendous financial pressure due to selling crude at subsidised rates to oil marketing firms.
The rupee extended gains for the second straight session against the US currency by firming up 21 paise to close at 64.82 a dollar.
The rupee had firmed up 16 paise to close at 67.52 on Thursday.
Foreign investors have bought nearly $5 billion worth of debt so far in 2014.
The rupee on Tuesday weakened by 15 paise to close at 63.30 against the US currency
The domestic currency has gained 9 paise or 0.13 per cent in two days.
The dollar's weakness against some currencies overseas limited the rupee's fall.
The rupee slipped from its initial gains by 5 paise against the US currency to 67.89 in late morning deals on bouts of dollar demand from importers.
The rupee had dropped by 60 paise or 0.89 per cent in previous three trading days.
The rupee was largely rangebound for most of the trading day in the absence of any major cues ahead of the Reserve Bank of India's rate-setting meeting next week.
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According to the global financial services major, the Consumer Price Index based inflation is peaking off and is expected to be around 7.5-8 per cent in September.
The domestic currency has already dropped 44 paise, or 0.67 per cent, in the previous two sessions.
Extending losses for the second straight day, the rupee declined by 11 paise to close at more than 3-week low of 66.93 against the US dollar.
The domestic currency had last touched 65-level and ended at 65.24 on September 6, 2013. It moved in a range of 64.63 and 65.23 during the day.
The country's merchandise deficit narrowed to $9.2 billion in November, but exports growth eased to 5.9 percent from 13.5 percent in October, government data showed.
Snapping its two-day gains, the rupee on Monday declined by 48 paise to settle at nearly four-week low of 62.17 against the US currency.
Data showing foreign institutional investors have slowed their purchases in domestic shares further added to the weak sentiment.
The Indian rupee on Tuesday ended marginally higher against the American currency at 61.41 amid volatile trading on the back of a higher dollar overseas.
Rupee down 13 paise to 66.72 against dollar
On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
Recovery in the equity market also boosted the rupee value against the dollar, a forex dealer said
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
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