Banks and exporters preferred to reduce their dollar position on hopes of further capital inflows as foreign portfolio investors infused $107.22 million yesterday as per the record of Securities and Exchange Board of India.
The Bombay Stock Exchange and the National Stock Exchange will remain closed on Thursday, it was officially announced.
The rupee gained 31 paise to close at 66.42 in Thursday's trade.
Weakness of dollar in the overseas market also boosted the rupee value, a forex dealer said.
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Demand for the dollar from importers weighed on the local currency.
The rupee slipped 13 paise to 77.67 against the US dollar in early trade on Tuesday, weighed down by the surge in crude oil prices. At the interbank foreign exchange, the rupee opened at 77.65 against the American dollar, then lost ground to quote at 77.67, registering a fall of 13 paise from the last close. On Monday, the rupee settled at 77.54 against the US dollar.
The rupee had dropped 18 paise against the dollar on Thursday.
The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.
Lower crude oil prices and a rally in domestic equities restricted the losses to some extent, forex dealers said. At the interbank foreign exchange market, the domestic currency opened weak at 79.50 per dollar.
The rupee resumed lower at 64.20 per dollar.
In the global market, dollar fell against most of its rivals on Monday.
The rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday tracking the strength of the American currency and firm crude oil prices. At the interbank foreign exchange, the rupee opened at 80.10 against the dollar, then lost ground to quote at 80.15, registering a fall of 31 paise from the last close. On Friday, the rupee closed at 79.84 against the dollar.
In International market, the US dollar fell further in early trade on Monday, losing further steam in the wake of Friday's weaker-than-expected economic-growth number and caution ahead of what is expected to be a busy week of data and monetary-policy decisions.
Weak dollar in the overseas market also boosted the rupee value against the dollar, a forex dealer said.
On Tuesday, the rupee lost 9 paise to close at 66.67 against the US dollar.
The rupee depreciated 7 paise to an all-time low of 80.05 against the US dollar in early trade on Tuesday tracking the strength of the American currency and firm crude oil prices. At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close. In initial trade, the local unit also touched 79.90 against the American currency.
The rupee hovered in a range of 63.75 and 63.84.
The rupee extended its losses and slipped 12 paise to 77.74 against the US dollar in early trade on Thursday, weighed down by a muted trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange, the rupee opened at 77.72 against the American dollar, then lost ground to quote at 77.74, registering a fall of 12 paise from the last close. On Wednesday, the rupee declined by 1?7 paise to close at its fresh lifetime low of 77.6?1 against the US dollar.
The Indian rupee on Monday appreciated by 16 paise against the American currency in early trade on hopes of increased capital inflows from foreign funds boosted by last week's rally in the stock markets.
The rupee had gained 18 paise to 55.43 against the dollar in Monday's trade.
Sustained dollar sales by exporters and banks and a higher opening in the equity market also boosted the rupee sentiment, forex dealers said.
Falling for the first time in three days, the rupee washed out initial gains to end four paise lower at 62.57 today on caution ahead of US non-farm payrolls data and sustained capital outflows from Indian markets.
The rupee on Friday again breached the 56-mark by losing 31 paise to 56.15 against the US dollar in early trade to hit a fresh one-week low, due to strong demand for the American currency from banks and importers.
The rupee has dropped by 49 paise or 0.75 per cent in four days.
The rupee had plunged by 19 paise to close at over 3-week low.
Forex dealers said a higher opening in the domestic equity market also supported the rupee.
The dollar's strength against other currencies overseas limited the rupee's gain.
The rupee resumed higher at 53.26 per dollar.
The rupee gained 28 paise on Thursday to close at 62.50.
The dollar index was trading lower by 0.03 per cent against its major global rivals today.
Therupee staged a smart rebound from its low towards the fag-end trade on dollar selling as well as suspected intrusion by the Reserve Bank to end steady at 63.39.
Rupee gained on fresh selling of dollars by banks ahead of the RBI policy meeting.
Forex dealers said persistent capital inflows and bearish dollar overseas also boosted the rupee sentiment in Mumbai.
Overseas, the US dollar hovered near a three-week low.
Forex dealers said euro's gain against the US dollar supported the rupee, but month-end dollar demand from oil importers and a weak opening in the equity market restricted the gains.
Finance Minister P Chidambaram in an interview to PTI on Monday said, 'sentiment will turn in favour' of the rupee as government is 'committed to containing the fiscal deficit' within target and is addressing how to finance CAD.
Brokers said a weak trend in euro in overseas markets also dampened the rupee sentiment against the US dollar.
The rupee had gained 14 paise to close at 52.87 on Tuesday on fresh dollar selling by exporters on the back of sluggish movements of the US currency overseas.
The rupee had gained 49 paise yesterday to close at over 4-1/2-month high of 53.02 against the dollar on heavy selling of the American currency by exporters and some banks.
Snapping its two-day losing streak, the rupee on Monday bounced back by 9 paise to 66.67 against the US dollar.
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