The rupee had gained 28 paise against the American currency to settle at nearly two-month high at 66.74 in Monday's trade.
The year 2015 is likely to see lower rates to support growth and the Reserve Bank is expected to cut key policy rates by 0.25 per cent in February's monetary policy review meet, says a Bank of America Merrill Lynch report.
Weakness of the dollar against other currencies overseas gave the rupee more muscle.
The industry employs about 10 million workforce.
Rupee fell to its 9-month low of 62.03 against the dollar.
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In New York market, the dollar lost ground against most major rivals on last Friday amid mixed US data on industrial production and consumer sentiment.
Rupee is seen to remain in the range of 67.50-68.80 in the short-term
The Standard Chartered Bank has struck an on-shore foreign currency option transaction with Reliance Industries Ltd for $30 million, allowing RIL to hedge its dollar exposure.
India Test skipper Virat Kohli was among the few cricketers who received a higher actual salary according to the salary details of the retained Indian Premier League players listed by the Board of Control for Cricket in India on Friday.
A strong dollar overseas and some hesitancy in local stocks, however, limited the rupee rise.
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
The rupee had plummeted to over three-month low of 63.32.
In New York market, the dollar fell further against the euro yesterday after minutes from the Federal Reserve's March meeting detailed risks that could keep interest rates depressed even after the first rate hike.
At lower levels, a supportive buying in dollar forced rupee to depreciate since opening trade
Rupee rises by 16 paise against dollar on fresh selling.
Pharma was the top losing index amid worries about their earnings outlook with Lupin down over 4%
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
Petrol price will go up by Rs 3.18 per litre, diesel by Rs 3.09.
A litre of petrol in Delhi will cost Rs 57.31 from Monday.
The next 12 months will be quite challenging marked by uncertain political events and evolving macroeconomic scenario
Both the indices ended at their highest levels since February 1.
The broader NSE Nifty moved between 10,705 and 10,785.55, before ending 25.15 points, or 0.23 per cent down at 10,716.55.
Dollar gained against major currencies overseas.
The rupee on Friday fell by 9 paise to 67.64 per dollar on fresh demand for the American currency.
Rupee gained on increased selling of the US currency by banks and exporters
The domestic currency had lost 10 paise to close at 59.03 against the dollar in Thursday's trade amid capital outflows linked to fall in equities.
Expectations are that the government will use the Union Budget to create an environment, which is conducive for growth.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
The implications aren't too significant, given the size of Ukraine and its role in the global economy.
The currency got support from dollar flows into local equities and greenback sales from state-run lenders.
The rupee had gained five paise to close at 63.25 against the dollar in on Monday's trade on fresh selling of the US currency by exporters amid bullish stocks.
Although the current long-term bullish trend is intact, markets are awaiting clarity on the taper and the Assembly election results.
The rupee had ended almost flat at 61.41 against the Greenback in the previous session on Wednesday on alternate bouts of buying and selling.
The primary aim for the Rohit Sharma-led India against minnows Hong Kong would be to get their combination right before the big game against Pakistan on Wednesday.
The rupee recovered marginally at close against the dollar.
The unearthing of capital flight of "black" money Indians have allegedly stashed away in Swiss banks could add $30 billion to the country's forex reserves, says a Bank of America Merrill Lynch report.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
Rupee was impacted by renewed dollar demand from banks and importers amid sharp falls in equity market
The Indian unit opened sharply higher at 64.80 as against Wednesday's closing level of 65.12.
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