In New York market, the dollar had slipped against the euro on Friday.
The rupee gains became pronounced just before mid-day in Europe as the euro rose against the dollar after German judges removed a major obstacle to the region's new bailout fund, European Stability Mechanism.
Besides, steady euro against the American unit and a higher opening in the domestic equity market supported the rupee, forex dealers said.
The rupee had ended marginally down by 1 paise at 55.63 against the dollar on alternate bouts of buying and selling amid a fag-end recovery in equities in yesterday's session.
The rupee declined by 18 paise to 55.44 against the dollar in early trade on Friday, snapping four sessions of gains, at the Interbank Foreign Exchange on fresh demand for the American currency.
Some weakness in the local stock market amid a rising trend pared rupee's early gains, forex dealers said.
Continued dollar selling by exporters and some banks on hopes of further fall in dollar value overseas also aided the rupee rise.
The rupee rose by 7 paise to Rs 55.68 against the US dollar in early trade today on the Interbank Foreign Exchange as the American currency weakened against euro overseas.
The rupee fell by 34 paise to 55.99 against the US dollar in early trade at the Interbank Foreign Exchange market today as the American currency gained against other currencies overseas.
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It had strengthened by 45 paise on Tuesday to close at one-month high of 55.07 against the dollar, tracking a jump in local shares.
In addition, dollar's weakness against other currencies overseas also supported the rupee.
In New York, dollar erased most of its losses on last Friday after the euro briefly jumped following more comments from European Central Bank President Mario Draghi about policy options.
The rupee recovered by 13 paise to close at 66.31 per dollar on fresh selling of dollars by banks and exporters despite fall in equity market.
Indian government bonds, particularly those of shorter maturity, strengthened sharply on Monday, as the collapse of the California-based Silicon Valley Bank (SVB) prompted investors to rush to the safety of American debt, leading to a decline in US bond yields.
The rupee had ended 79 paise higher to close at 55.15 against the US currency in the previous session on Friday.
In New York, the dollar index climbed to its highest level in about two years on Wednesday.
FIIs today pumped in Rs 591 crore in stocks, provisional data from stock exchanges showed.
Equity benchmarks began the week on a downbeat note on Monday, weighed by heavy selling in market heavyweight Reliance Industries and persisting weakness in global bourses. The rupee plunged to its lifetime low against the US dollar amid unabated foreign fund outflows, underscoring the risk-off sentiment prevailing globally as central banks embark on policy tightening to tame soaring inflation. Slipping for the second straight session, the 30-share BSE Sensex shed 364.91 points or 0.67 per cent to close at 54,470.67.
Dealers attributed the rupee's fall to increased demand for the US currency from importers.
The domestic currency had ended 12 paise lower at Rs 55.80 against the dollar in Thursday's trade on fresh dollar demand from banks and importers amid a rise in May inflation.
The rupee had ended higher by 12 paise at 55.68 against the dollar in the previous session on fag-end selling of dollars by banks and exporters amid euro gaining strength overseas.
The Indian rupee dropped by 58 paise to a lifetime low of Rs 52.73 per US dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers amid sustained foreign capital outflows from the equity market.
The rupee had lost 11 paise to close at 55.65 against the Greenback on Monday due to late dollar demand from importers.
The domestic currency had lost 44 paise in the previous two days.
Snapping its two-day losing streak, the rupee on Monday bounced back by 9 paise to 66.67 against the US dollar.
Forex dealers said fresh dollar demand from banks and particularly, month-end demand from oil importers despite weakness of the dollar in the overseas market pulled down the rupee.
The rupee on Monday dropped by 30 paise to 54.72 against the US dollar in late morning trade, due to on fresh demand for the American currency from banks and importers despite a weak global trend.
The rupee had lost 11 paise to close at 66.44 against the dollar.
Banks and exporters preferred to reduce their dollar position at the current stage in view of sustained capital inflows coupled with weakness in dollar overseas, forex dealers said.
The domestic unit closed higher by 11 paise at 66.56 in Wednesday's trade.
The dollar index was trading marginally higher by 0.06 per cent.
A lower opening in the domestic equity market put pressure on the rupee.
The rupee resumed lower at Rs 50.40/41 per dollar on the Interbank Foreign Exchange.
The Indian rupee was down by 44 paise at a fresh two-year low of Rs 48.25 per United States dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers on the back of dollar firmness in overseas market.
The rupee had ended 12 paise higher at 63.70 on Monday.
The dollar firmed up against some global currencies.
The rupee had lost 6 paise to close at 55.80 against the Greenback yesterday on persistent dollar demand amid stronger trend overseas.
On Tuesday, the rupee closed lower by 13 paise at 67.27.
Dollar's weakness against other currencies in the global market made the local unit stronger.
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