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Investors are anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.
The rupee had gained 5 paise to end at 55.62 against the dollar on selling of the American currency by exporters in Wednesday's session.
EAM Jaishankar's mission is aimed at strengthening India's strategic autonomy in a complex international environment, observes Ambassador M K Bhadrakumar.
A higher opening in the domestic stock market buoyed the rupee sentiment
Forex dealers said besides dollar's gains against euro in the overseas markets on worsening euro-zone debt crisis amid growing fears that Spain may need a full bailout, a weak opening in the stock market also put pressure on the local unit.
Forex dealers said sustained selling of the American currency by exporters and bullish local equity markets buoyed the rupee sentiment.
Forex dealers said some capital inflows and a weak dollar overseas helped the local currency make an attempt to arrest its fall.
The rupee strengthened by 36 paise to 54.48 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of American currency by exporters and banks.
Forex dealers said fresh demand for the dollar also put pressure on the rupee.
The rupee commenced higher at 55.07 a dollar at the Interbank Foreign Exchange market from last Friday's close of 55.16.
The rupee gained 49 paiss on Thursday to end at over 4-1/2-month high of 53.02 against the US dollar on heavy selling of the American currency by exporters and some banks.
The rupee had lost 13 paise to close at 55.66 on Tuesday because of fag-end dollar demand from importers.
Continued dollar offloading by exporters and some banks on hopes further fall in dollar value overseas mainly supported the rupee.
In last three days, the rupee has fallen over 40 paise.
The domestic currency has fallen past the 56-level against the dollar after June 29.
The rupee had ended lower by 19 paise at 56.15 against the dollar on wednesday as importers bought dollars in late trade.
The Indian rupee recovered by four paise to 54.99 after touching all-time low of 55.07 against the American currency in the late morning trade due to mild selling of dollars by banks following following measures taken by RBI to curb the local currency's fall.
Fresh demand for dollars from banks and importers in view of firm dollar in the overseas market mainly affected the rupee value against the US unit, a forex dealer said.
Even as rupee fell below 56-level against dollar intra-day, Chief Economic Adviser in the Finance Ministry Raghuram Rajan said, there is no need to panic, and RBI takes decisions on whether to intervene in forex markets or not to stabilise the local currency.
Bouts of dollar demand from importers put pressure on the rupee
The rupee hovered in a range of 53.85-54.24 per US dollar during the day.
Dollar gains against other currencies overseas amid euro zone debt concerns also put pressure on the Indian rupee.
Lead indicators suggest that domestic current account deficit (CAD) is likely to reduce in 2023, while macro-economic stability has received a boost from inflation being brought back to the official tolerance band, according to the Reserve Bank of India's (RBI's) January 2023 Bulletin. "With the merchandise trade deficit reaching an all-time high of $83.5 billion in a quarter, and a rise in net outgo from the income account, the current account deficit increased to 4.4 per cent of GDP in Q2FY23," the State of the Economy article in the bulletin said. "It is noteworthy, however, that the CAD for Q1 was revised down from 2.8 per cent to 2.2 per cent on account of downward adjustment in Customs data.
The domestic unit had lost 7 paise to close at 66.87 in Tuesday's trade.
The domestic currency moved in a range between Rs 52.80 and Rs 53.18 per dollar during morning deals.
Overseas, the US dollar hovered near a three-week low.
Sluggish domestic equities and persistent capital outflows largely pressurised the Indian unit
The rupee on Friday fell by 9 paise to 67.64 per dollar on fresh demand for the American currency.
The dollar's strength against other currencies overseas limited the rupee's gain.
The rupee rose by seven paise to 62.10 against the dollar.
The rupee on Friday breached the psychological 47-mark after six-and-a-half months on heavy dollar outflow, but ended the day with a marginal fall of 15 paise against the American currency at 46.96/97.
The domestic currency moved in a range between Rs 53.03 and Rs 53.24 per dollar during morning deals.
According to a new report published by Switzerland-based BIS, which is also referred as 'bank for central banks', the US Federal Reserve's announcement of a possible phasing out of easy money regime has resulted in 'abrupt and sizeable' equity market losses in both advanced and emerging markets.
The dollar index was down 0.01 per cent at 95.86 against a basket of six currencies in early trade
Sustained dollar demand from banks and importers in view of dollar firmness in overseas markets.
Chief Economic Advisor (CEA) V Anantha Nageswaran on Tuesday said India is not defending the rupee and the Reserve Bank of India is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends. Nageswaran further said that the rupee is being managed in a manner that reflects the fundamentals of the economy. "India is not defending the rupee... I don't think Indian fundamentals are such that we need to defend the rupee. "The rupee can take care of itself," he said at an event in New Delhi.
The ECB on Thursday cut its main refinancing rate to zero from 0.05 per cent.
The rupee had dropped 18 paise against the dollar on Thursday.
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