The US dollar bought 99.40 yen in Asian trade, compared with 99.21 in North American trade late on Monday.
The rupee resumed lower at 54.73 per dollar as against the last closing level of 54.69 on the Interbank Foreign Exchange Market.
The rupee's upward movement was aided by a good dose of dollar selling by exporters and some banks, amid a weak dollar overseas, said forex dealers.
While the rupee snapped a four-session downslide, it rupee could not cement intra-day gains as RBI kept short-term lending (repo) and cash reserve ratio unchanged, forex dealers said.
It moved in a range of 54.87 and 55.02 per dollar during the morning deals.
Forex dealers said continued capital inflows and euro's gains against the dollar overseas on hopes that the European Central Bank may take action soon to ease the continent's debt crisis, kept the rupee's sentiment firm.
The rupee lost 37 paise to end at 62.60 against the dollar on Tuesday following demand for the US currency and a fall in local equities on further rate hike concerns.
Forex dealers said rupee was under pressure throughout the session as dollar gained against rivals on hopes that European Central Bank will cut its main interest rate to a record low in a bid to support the region's economic growth.
This is the first time since June 27 that the domestic currency has fallen below the 60 level.
Besides, dollar's weakness against some Asian currencies supported the local unit, forex dealers said.
Crude oil prices rose in Asian trade on Friday after a brief dip as dealers digested upbeat US economic data and comments from a Federal Reserve official that its stimulus programme will not end soon, analysts said.
The rupee had lost 21 paise to end at new 10-month low of 56.38 against the dollar on Thursday on fag-end spurt in dollar demand after RBI Governor D Subbarao painted a dim macroeconomic picture.
Forex dealers said besides dollar's gain against other currencies overseas, fresh demand for the American currency from importers put pressure on the rupee.
The Indian rupee continued to rule firm in the late morning session by improving five paise to 53.11 per dollar on selling of dollars by banks in view of persistent foreign capital inflows.
On a weekly basis, the rupee fell by 1.36 per cent or 75 paise as dollar demand outweighed supply and stocks fell.
Even as rupee fell below 56-level against dollar intra-day, Chief Economic Adviser in the Finance Ministry Raghuram Rajan said, there is no need to panic, and RBI takes decisions on whether to intervene in forex markets or not to stabilise the local currency.
The rupee on Wednesday declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets. At the interbank foreign exchange market, the rupee opened lower at 77.57 and later hit the day's low of 77.61 as the dollar rebounded in global markets following hawkish comments from US Federal Reserve chief Jerome Powell. Crude oil prices also surged over 1 per cent, which weighed on the rupee.
This is rupee's lowest closing since 55.45 on November 27, 2012.
Rupee fell to 45.03 in the Interbank Foreign Exchange Market against the dollar in morning trade today on worries of capital outflows which may increase because of equity sales by foreign investors.
The dollar index was up by 0.04 per cent against a basket of six major global rivals.
The rupee commenced stable at its last closing level of 53.96 at the Interbank Foreign Exchange market.
Forex dealers said strength in euro against the US dollar overseas and increased capital inflows supported the rupee.
The dollar index was up by 0.04 per cent against a basket of six major global rivals.
Forex dealers said continued capital inflows and a weak dollar overseas also supported the local currency.
The dollar was firm against some global currencies.
The dollar index was down by 0.03 per cent against a basket of six major rivals as Euro rose against the dollar after the Cyprus reached bailout agreement.
The dollar index was down by 0.16 per cent against its six major global rivals.
The rupee fell back sharply against the pound sterling at 83.28 from Monday's close of 82.49 and also reacted downwards against the euro to 71.59 from 71.29.
Dealers said the country's trade balance numbers were inline with expectations as India's exports rose an annual 0.8 per cent in January and imports for the month rose 6 per cent, leaving a trade deficit of $20 billion.
The rupee hovered in a range of 53.85-54.24 per US dollar during the day.
Forex dealers said slight weakness in dollar overseas capped the rupee's losses to some extent.
Forex dealers said bouts of heavy dollar demand from banks and oil importers amid lower equities attributed the rupee sentiment.
Forex dealers said besides dollar's gains against euro and yen overseas, increased demand from oil importers for the American currency and a weak opening in the stock market also put pressure on the rupee.
Fresh bouts of dollar demand from banks and importers mainly attributed to rupee sentiment, though sustained foreign capital inflows restricting its further fall, a dealer said.
The rupee had gained 17 paise to close at one-week high of 54.77 against the dollar on fresh selling of the US currency by exporters and capital inflows in the previous session on Friday.
Forex dealers said a weak dollar overseas also boosted the rupee sentiment, cutting short a two-day losing trend.
A weak dollar overseas ahead of a US Fed policy meeting also aided the rupee recovery while late weakness in domestic equities restricted the rupee's rise, forex dealers said.
Forex dealers said, however, a firm dollar capped rupee's rise to some extent.
Forex dealers said a weak dollar overseas and firm local equities also supported the local currency.
Forex dealers said some capital inflows and a weak dollar overseas helped the local currency make an attempt to arrest its fall.
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