Forex traders said a stronger dollar also dragged the rupee down.
Firm equity markets and foreign capital inflows failed to restrict rupee's fall against the dollar
The rupee on Tuesday gained 14 paise to close at 61.88 against the dollar.
The domestic currency has dropped 40 paise or 0.60 per cent in two days
In forward market today, premium for dollar declined on sustained receivings from exporters.
It has gained by 23 paise or 0.36 per cent in two days
The local currency had shed 2 paise to close at 63.44 on Tuesday.
Rupee is under pressure against the dollar say currency watchers.
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The newly-appointed Governor Raghuram Rajan said on Wednesday Reserve Bank of India will offer a window to banks to swap the fresh FCNR-B dollar funds, mobilised for a minimum tenor of three years and over, at a fixed rate of 3.5 per cent per annum. According to Bank of America Merrill Lynch, "the move should fetch $8-10 billion", adding that the move would help in shifting rupee risks away from NRIs at a time of extreme volatility.
The rupee extended gains for the fourth straight day against the US currency on Thursday.
The greenback's strength against other Asian currencies and lacklustre local equity markets made the rupee depreciate.
Rupee hits 2-month low, down 21 paise against dollar.
A weak dollar in overseas market in view of the Federal Reserve's cautious stance on interest rate strengthened the rupee value.
A weak dollar against major world currencies supported the domestic unit.
The domestic currency has already dropped 44 paise, or 0.67 per cent, in the previous two sessions.
Forex dealers said besides dollar's gains against other currencies, fresh demand for the American unit from importers and a weak opening in the domestic equity market put pressure on the rupee.
The dollar index eased 0.05 per cent to 98.69.
Rupee ended weak against the dollar.
In cross-currency trades, the rupee firmed up further against the pound sterling
The rupee recovered from initial losses against the US dollar and was quoted barely steady at 61.91 on selling of the American currency by banks and exporters on good foreign capital inflows.
The US dollar index, which measures greenback's strength against a trade-weighted basket of six major currencies, was up 0.14 per cent at 96.74.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
The rupee had shed one paise to end at one-month low of 61.74 against the US dollar in Tuesday's trade.
Bearish dollar overseas also supported the rupee
Dealers attributed the rupee's fall to fresh demand for USD.
The rupee had dropped by 60 paise or 0.89 per cent in previous three trading days.
Weakness in the dollar against some currencies supported the rupee.
The rupee rose by 4 paise at 66.88 against the US dollar in early trade on Wednesday.
Extending losses for the fourth straight session, Indian rupee on Monday declined by ten paise to log over 13-month closing low of 63.67.
The rupee depreciated further by 7 paise to 65.12.
The rupee closed marginally stronger against the dollar on Wednesday.
The rupee had shed 13 paise to close at 64.04.
After a a steep fall last week, the rupee has closed slightly stronger against the dollar.
The Indian rupee on Friday rose for the fifth straight session against the Greenback and ended at 62.46.
Month-end dollar demand affected the rupee
Unwinding of long-dollar positions by speculative traders and the currency's strong underlying fundamentals buoyed the home unit
After three sessions of weakness, the rupee strengthened by 50 paise against the dollar.
Rupee logs longest winning streak since 2012; up 19 paise.
The rupee on Thursday surged by 22 paise to close at a fresh three-week high of 61.75 against the US currency.
A weakening dollar against other currencies overseas supported the rupee.
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