Sentiments were weighed down as the US dollar turned higher against its major counterparts.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 56.02 as against its previous close of 55.64 on dollar buying by importers, mainly oil refiners, to meet their month-end requirements.
This marks a turnaround after rupee's 158-paise plunge in the last three sessions.
The Indian rupee recovered by four paise to 54.99 after touching all-time low of 55.07 against the American currency in the late morning trade due to mild selling of dollars by banks following following measures taken by RBI to curb the local currency's fall.
Dollar's weakness against other currencies in the global market made the local unit stronger.
However, firm equity markets capped the rupee losses.
Weakness in the dollar against some other currencies overseas, supported the rupee
The rupee surged to its highest level in five weeks to end at 65.58 by gaining 38 paise against the US currency.
The Indian currency has shrunk 2.92 per cent since Donald Trump's victory in the US presidential polls earlier this month.
The rupee had lost 11 paise to close at 66.44 against the dollar.
Earlier, the rupee resumed slightly lower at 61.70 per dollar as against Tuesday's close of 61.69 at the Interbank Foreign Exchange market.
The Indian rupee was down by 44 paise at a fresh two-year low of Rs 48.25 per United States dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers on the back of dollar firmness in overseas market.
Persistent dollar demand from banks and importers on the back of a higher dollar in the New York market mainly affected the rupee.
The benchmark Sensex conquered yet another milestone of 28,000 for the first time briefly before concluding at a new closing peak of 27,915.88, a rise of 55.50 points of 0.20 per cent.
The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar in early trade on Monday as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and firm American currency sapped investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 82.68 against the greenback, then slipped further to 82.69, registering a fall of 39 paise over its previous close.
Forex dealers attributed the fall to increased demand for the dollar.
On Tuesday, the rupee had declined marginally by 3 paise to 66.03.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed firm at 39.32/34 a dollar from yesterday's close of 39.44/45 a dollar and later surge to 39.31 level on the back of heavy capital inflows into equity.
On Tuesday, the rupee closed lower by 13 paise at 67.27.
The rupee had shed 9 paise to end at 64.13 on Friday.
on Monday, the rupee ended lower by 4 paise.
The rupee shed 6 paise to hit a fresh 1-month low of 62.31 on Thursday.
For the month as a whole, rupee depreciated 6.34 per cent in May.
A fresh demand for the US currency from importers weighed on rupee.
The domestic currency moved in a range between Rs 53.03 and Rs 53.24 per dollar during morning deals.
The rupee resumed lower at Rs 52.80/81 per dollar on the Interbank Foreign Exchange, against its previous close of Rs 52.71/72 per dollar.
The rupee had retreated from three-week high and ended six paise down at 60.67 against the dollar on demand from importers for the US currency in Thursday's trade.
The rupee on Friday bounced back 32 paise to close at 64.74 against the American currency on fresh selling of dollar.
The dollar firmed up against some global currencies.
Resuming its slide against the greenback, the Indian rupee plunged to its more than one-year low of 41.76/77 against a US dollar. Heavy demand for US currency in view of high oil prices continued modest on its short supply. The Interbank Foreign Exchange (Durex) market witnessed brisk trade with wide fluctuations in the local currency in a range of 41.55 and 41.79 during the day. The local currency lost 41 paise against the US counterpart.
In a quiet trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed firm at 39.46/48 a dollar from Wednesday's close of 39.5450/5500 a dollar, but later trimmed gains at 39.49/50 per dollar in late morning deals. It swung in a range of 39.46 and 39.53 in early trade.
The rupee tumbled 19 paise to close at a fresh lifetime low of 77.93 against the US dollar on Friday as rising crude oil prices and unabated foreign capital outflows soured sentiment. A sell-off in equity markets and stronger greenback overseas also weighed on the domestic unit, forex traders said. At the interbank foreign exchange market, the local currency opened at 77.81 and witnessed an intra-day high of 77.79 and a low of 77.93 against the US dollar.
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A weak rupee makes imports costlier, including oil and other commodities.
Spurting by a whopping 21 paise, the rupee scaled a fresh over 50-1/2-month closing peak at Rs 43.53/54 per dollar on Wednesday.
The US Fed kept its near-zero benchmark interest rate unchanged.
On Wednesday, the rupee ended barely steady at 64.93.
The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors. Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite. Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
The rupee continued to resist the pressure from oil companies and appreciated marginally against the US currency in Wednesday morning dealings.
Bouts of dollar demand from importers put pressure on the rupee
The local currency dropped to 61.75 before concluding at 61.70, a loss of seven paise from its previous close.
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