Weakness of the dollar against other currencies overseas gave the rupee more muscle.
The industry employs about 10 million workforce.
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.
Rupee is seen to remain in the range of 67.50-68.80 in the short-term
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 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.
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.
Rupee rises by 16 paise against dollar on fresh selling.
At lower levels, a supportive buying in dollar forced rupee to depreciate since opening trade
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.
Pharma was the top losing index amid worries about their earnings outlook with Lupin down over 4%
Dollar gained against major currencies overseas.
Expectations are that the government will use the Union Budget to create an environment, which is conducive for growth.
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.
The rupee on Friday fell by 9 paise to 67.64 per dollar on fresh demand for the American currency.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
Rupee gained on increased selling of the US currency by banks and exporters
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.
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.
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.
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.
The next 12 months will be quite challenging marked by uncertain political events and evolving macroeconomic scenario
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 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 rupee recovered marginally at close against the dollar.
The Indian unit opened sharply higher at 64.80 as against Wednesday's closing level of 65.12.
Despite the possibility of the economy bottoming out, the investment cycle could remain weak for another couple of years and earnings downgrades should continue.
Rupee was impacted by renewed dollar demand from banks and importers amid sharp falls in equity market
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
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.
Forex dealers said increased selling of the American currency by exporters and banks supported the rupee but a lower opening of the domestic equity market and dollar's rise against other currencies overseas restricted the gains.
'Demonetisation will push India onto a higher growth path after a temporary dip.'
Traders expect the rupee to remain wedged between the 59.60 and 60.50 levels in the absence of any key triggers in the near-term.
Dollar sales by exporters and firm local equities also supported the local currency.
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