Continuing its fall for the sixth consecutive day, the Indian rupee on Monday depreciated by 43 paise against the greenback in opening trade
In New York market, the US dollar pared losses on Wednesday amid reports that cut into optimism that Washington lawmakers are close to a deal to avoid going over the fiscal cliff.
There was mild selling of dollars by banks and exporters
The rupee had tumbled by 30 paise to close at two-and-a-half-month low of 55.51 against the dollar in the previous session on Friday on sustained demand for the dollar from importers and banks.
The local currency, which had plunged to an all-time low of 55.39 on Tuesday, crashed to 55.82 at the Interbank Foreign Exchange market in early trade.
Sustained dollar sales by exporters and banks and a higher opening in the equity market also boosted the rupee sentiment, forex dealers said.
The dollar index was down by 0.23 per cent against a basket of six major rivals after the US Federal Reserve continued to express concern about the economy and made no changes to its ultra-easy monetary policies.
The rupee had plunged to close at its fresh two-year low of 66.84 against the dollar by falling 11 paise in Tuesday's trade.
The rupee on Monday appreciated by 9 paise to 53.75 against the US dollar in early trade at the Interbank Foreign Exchange on selling of the American currency by exporters and banks.
The rupee had gained 11 paise to close at a fresh over 18-week high of 53.36 against the dollar in the previous session.
The rupee lost 2 paise to end at 53.47 against the dollar in Monday's session on heavy month-end dollar demand from importers and weakness in equities.
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.
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 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.
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.
FIIs today pumped in Rs 591 crore in stocks, provisional data from stock exchanges showed.
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.
Dealers attributed the rupee's fall to increased demand for the US currency from importers.
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.
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 rupee had lost 11 paise to close at 66.44 against the dollar.
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.
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