The rupee hovered in a narrow range of 62.20 and 62.28
The rupee slumped to 64-level against the American currency, its second straight fall this week.
Fresh dollar demand from banks and importers amidst volatile equities triggered the fall
Volatile currency market sentiment across Asia following a fresh round of China's yuan depreciation further added to gloom.
The rupee on Tuesday recovered from its two-week low to end steady at 66.60 against the American currency, inching up by a paisa on the back of mild dollar selling.
Reliance was the top gainer in the Sensex pack, surging over 3 per cent, followed by ICICI Bank, Bharti Airtel, Dr Reddy, Maruti and ITC.
Top losers in the session included Maruti, Tata Motors, RIL, Yes Bank, Adani Ports, Bharti Airtel, Asian Paints, ONGC, HUL, Kotak Bank, IndusInd Bank and Axis Bank, falling up to 5 per cent.
Titan was the top gainer in the Sensex pack, rising around 4 per cent, followed by HDFC, Nestle India, IndusInd Bank, UltraTech Cement and Bharti Airtel. On the other hand, Bajaj Auto, Tata Steel and NTPC were the laggards.
Titan was the top gainer in the Sensex pack, rising over 3 per cent, followed by M&M, Reliance Industries, Axis Bank, TCS, Maruti and Infosys. NSE Nifty surged 122.10 points to 15,885.15.
Increased demand for the dollar from importers put pressure on the rupee.
There was fresh dollar demand from banks and importers.
The rupee on Tuesday gained 14 paise to close at 61.88 against the dollar.
The impact of the banking crisis in the US was visible in IT bellwether Tata Consultancy Services' (TCS) weak performance in the March quarter of fiscal 2023 (Q4FY23). The firm witnessed slower revenue growth in Q4FY23 and failed to meet its FY23 exit Ebit margin of 25 per cent as some clients, especially in the North American region, took to pausing projects and rising onsite costs offset utilisation gains. Sequentially, the company's revenue grew by just 0.6 per cent on a constant currency basis, which was one of the slowest paces in over 11 quarters.
The rupee recovered by 15 paise at 65.49 against the US dollar.
The domestic currency has gained 9 paise or 0.13 per cent in two days.
Increased demand for the dollar from importers affected the value of the rupee
UltraTech Cement was the top gainer in the Sensex pack, rising 3.06 per cent, followed by IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, SBI and Reliance Industries. NSE Nifty advanced 78.35 pointsto close at 14,814.75.
The RBI fixed the reference rate for the dollar at 63.8061 and for the euro at 69.6571.
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
Lower dollar in the overseas market also boosted the rupee value
Consistent capital inflows and a recovery in local equities helped the local unit to trim initial losses
The rupee ended weaker against the greenback on domestic worries.
The 30-share BSE Sensex opened positive, but shed some ground to settle the session higher by 250.47 points, or 0.78 per cent, at 32,432.69, its biggest closing since August 2.
There is high demand for the US currency from importers
After a a steep fall last week, the rupee has closed slightly stronger against the dollar.
The dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up by 0.19 per cent at 95.48.
The Indian rupee resumed sharply lower at 66.65 per dollar against last Friday's level of 66.48.
Rupee gained on increased selling of the US currency by banks and exporters
The dollar index was trading higher by 0.06 per cent against its major global rivals today.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
The rupee has depreciated by about 25 per cent in the past three months, from close to Rs 83 in mid-May, while it was even higher at about Rs 80 against the British Pound in March.
'To simply let the rupee depreciate to any level according to market forces will not be in the country's interests.'
Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
The domestic currency had last ended at 64.17 per dollar.
The rupee briefly touched 66.78 in late afternoon trade due to stray dollar buying by some banks.
The rupee on Monday plunged to a two-week low of 66.61 by falling 47 paise against the US dollar on heavy demand for the American currency from importers.
The local currency had surged 18 paise to 63.64 in Thursday's trade.
The dollar index was trading lower by 0.03 per cent against its major global rivals today.
Weakness in euro against the dollar weighed on the rupee.
The rupee on Friday snapped its two-day gaining streak against the US dollar.
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