The local currency had lost 119 paise in the past five sessions on rising worries over current account gap and fears that withdrawal of US stimulus will hit inflows from overseas.
Nifty continued to register successive new highs as it crossed the 9,200 mark on Friday
The rupee resumed lower at 63.65 per dollar as against previous closing of 63.58 at the Interbank Foreign Exchange (Forex) market.
Falling for the second day, the rupee on Friday weakened by 12 paise against dollar to end at 62.68 weighed down by demand for the American currency from importers and data showing fiscal deficit crossed 95 per cent of the annual target during April-December.
The Rupee is seen strengthening against the dollar.
The dollar strengthened against major world currencies.
The domestic unit had recovered to 68.65 in early trade on Friday as against Thursday's closing of 68.72.
The rupee depreciated further by 7 paise to 65.12.
There's sustained demand for the American currency from importers and banks
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The basis of Ind-Ra's expectation of INR appreciation is based on economic developments in the last one to two months of this fiscal and the likely developments in the remaining months.
The RBI fixed the reference rate for the dollar at 65.2525 and for the euro at 72.1954.
In line with rally in stocks, the Indian rupee on Monday appreciated for the second straight session and closed with a eight paise gain at a one-week high of 61.36 against the Greenback.
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The dollar gained against other currencies overseas.
Overseas funds have also become strong buyers of debt, with net purchases of $5.6 billion so far this year.
After another day of volatile trade, the rupee today appreciated by seven paise to close at a new one-month high of 59.04 against the dollar as the RBI's liquidity-tightening measures continued to lend support.
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Snapping a two-day fall, the rupee opened strong at 59.49 a dollar from the previous close of 59.76 at the Interbank Foreign Exchange Market and then touched a low of 59.59.
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The rupee had last ended at 67.22 per dollar on March 16, 2016.
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A weak rupee makes imports costlier, including oil and other commodities.
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
Car makers are either tweaking their existing engines or developing new powertrains to attain maximum mileage numbers and attract more buyers.
The rupee on Wednesday snapped its two days of losses and edged up two paise to end at 59.27 against the dollar following late selling of the US currency by exporters.
Reacting to market specific developments, the domestic unit touched a low of 66.74 in intra-day trade before concluding at 66.65.
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Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
The rupee appreciated further on Thursday, adding 106 paise to 66.01 against the dollar, after steps taken by new Reserve Bank of India Governor Raghuram Rajan to attract US currency inflows boosted market sentiment.
The rupee strengthened by 13 paise to 61.67 against the US dollar at close.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
New Delhi's upscale Khan Market continues to be the most expensive place to hire a shop in the country, even though its ranking worldwide has dropped by three notches to 31st position.
Global events will continue to be in the limelight, besides domestic policy.
