Forex dealers said a firm rise in local equities and sluggish dollar overseas also boosted the sentiment in rupee's favour.
Forex dealers said a weak dollar overseas also boosted the rupee sentiment, cutting short a two-day losing trend.
In New York market, the US dollar pared losses on Wednesday amid reports that cut into optimism that Washington lawmakers are close to a deal to avoid going over the fiscal cliff.
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 firm local equities, signs of consistent capital inflows and sustained dollar selling by exporters also boosted the rupee sentiment.
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.
The rupee strengthened by 36 paise to 54.48 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of American currency by exporters and banks.
A higher opening in the domestic equity market and a weak dollar against other currencies overseas on a string of disappointing US data last week also supported the gain in the rupee
Dealers said firm local equities amid sustained capital inflows limited the rupee's fall.
Weakening of the dollar against other currencies overseas, following disappointing economic data and a higher opening in the domestic equity market, supported the rupee.
The rupee had recovered by 10 paise to close at 55.06 against the dollar on Monday on dollar selling by exporters amid weakness in the American currency in international markets.
The rupee commenced higher at 55.07 a dollar at the Interbank Foreign Exchange market from last Friday's close of 55.16.
Dollar index was seen trading in a thin range ahead of unemployment claims and Fed Chairman Bernanke speech later on Thursday.
The rupee plunged to nearly 33-month low of sub-52 level after losing a whopping 81 paise against the United States currency on sustained dollar demand amid weak trends in stock markets and deepening euro-debt crisis.
Brokers said a weak trend in euro in overseas markets also dampened the rupee sentiment against the US dollar.
The rupee resumed lower at Rs 53.54/55 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 53.23/24 per dollar, and declined further to a record low of Rs 53.80 against the American currency before quoting at Rs 53.60/61 per dollar at 1030 hours.
Fresh month-end dollar demand from importers, mainly oil companies, affected the rupee's value against the dollar, a forex dealer said.
The rupee had lost 52 paise to close at 54.08 against the dollar on Tuesday on heavy month-end dollar demand from importers and corporates.
The dollar index was down by 0.23 per cent against a basket of six major rivals after the US Federal Reserve continued to express concern about the economy and made no changes to its ultra-easy monetary policies.
The rupee on Friday slipped 1 paisa to close at its all-time low of 78.33 (provisional) against the US dollar. At the interbank foreign exchange market, the local currency opened at 78.20 and finally settled at its all-time low of 78.33, down 1 paisa from its previous close. During the day, the local unit witnessed an intra-day high of 78.19 and a low of 78.35 against the American currency.
The rupee rose by 11 paise to 53.36 against the US dollar in early trade at the Interbank Foreign Exchange today on continued selling of the American currency by exporters and banks.
The rupee on Monday appreciated by 9 paise to 53.75 against the US dollar in early trade at the Interbank Foreign Exchange on selling of the American currency by exporters and banks.
Forex dealer said increased demand for the American currency from oil importers and dollar's gains against other currencies overseas mainly put pressure on the local unit.
The rupee also recouped against the pound sterling to end at 85.01 from overnight close of 85.15 and also rebounded against the Japanese yen to 67.04 per 100 yen from 67.38.
The Indian stock market benchmark Sensex, which was down till afternoon session, recovered later and closed up by 38.37 points or 0.21 per cent after Europe opened higher.
Forex dealers said besides dollar's gains against euro in the overseas markets, a weak opening in the stock market put pressure on the domestic currency.
It touched a low of 53.16 on continued dollar demand from importers and some weakness in stocks in the initial stage.
The rupee declined for fourth day in a row by losing 16 paise to Rs 52.88 per dollar in early trade today, weighed down by dollar's gains overseas.
The rupee declined for fourth day in a row by losing 16 paise to Rs 52.88 per dollar in early trade today, weighed down by dollar's gains overseas.
The ICE dollar index, which measures the dollar against a basket of six currencies, traded at 79.522 from 79.595 in the previous session.
Forex experts said the dollar index, a gauge of six major global rivals, was marginally up ahead of US non-farm payroll data later in the evening while New York crude oil was quoting below USD 91 a barrel in Europe today.
The rupee had edged up by 45 paise to close at an over five-month high of 52.40 against the dollar in the previous session on Monday on sustained capital inflows.
The rupee had gained 11 paise to close at a fresh over 18-week high of 53.36 against the dollar in the previous session.
The rupee lost 2 paise to end at 53.47 against the dollar in Monday's session on heavy month-end dollar demand from importers and weakness in equities.
The rupee resumed higher at 54.15 per dollar as against last closing level of 54.38 at the Interbank Foreign Exchange Market and firmed up further to 54.00 at 1040 hours.
In New York, the dollar slipped against the euro and other major currencies yesterday after the US economic data boosted equities.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed lower at 54.18 a dollar from previous close of 54.01.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed sharply higher at 53.80 a dollar compared to last Friday's close of 54.30.
A sharp fall in dollar overseas, triggered by US Fed's overnight announcement of a fresh round of quantitative easing, and sustained capital inflows into stock markets helped rupee stay in green all through the session.
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