RBI fixed the reference rate for the dollar at 66.2930 and euro at 74.8978.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
Persistent foreign capital inflows also boosted sentiment.
Falling for the fourth day in succession, the rupee today dipped by 23 paise to close at nearly three-week low of 59.38 against the dollar amidst the RBI announcing an SLR cut that is expected to release nearly Rs 40,000 crore into markets.
The domestic currency has gained 9 paise or 0.13 per cent in two days.
The dollar's weakness against some currencies overseas limited the rupee's fall.
The American currency regained its buoyant strength after a brief sideways movement following overnight US Fed's optimistic tone about the future of the US economy
The rupee slipped from its initial gains by 5 paise against the US currency to 67.89 in late morning deals on bouts of dollar demand from importers.
The rupee had recovered from its 29-month lows by rising 39 paise to close at 67.63 on Friday.
On Monday, the biggest gainers in the Sensex pack were Sun Pharma, Bajaj Finance, Vedanta, Yes Bank, Tata Motors, HCL Tech, IndusInd Bank and Kotak Bank, HCL Tech, Infosys and Bajaj Auto.
The rupee on Monday plunged to a two-week low of 66.61 by falling 47 paise against the US dollar on heavy demand for the American currency from importers.
The Rupee is seen strengthening against the dollar.
Rupee down 13 paise to 66.72 against dollar
Lacklustre domestic equities alongside ongoing FCNR redemptions added pressure on the local currency
In worldwide trade, the American dollar traded with solid strength against all major emerging currencies
The rupee fell to more than one-month low of 65.75 against the US dollar on Thursday.
Dollar weakness was a major contributor to the rupee recovery as the skittish investors continued to lighten their long positions.
The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
Healthy demand for the American unit from importers and corporate weighed on the rupee
On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
Adequate dollar supply gave a boost to the local currency
This is the highest closing level since May 11, 2016 when the rupee had finished at 66.56
Reacting to market specific developments, the domestic unit touched a low of 66.74 in intra-day trade before concluding at 66.65.
Finance Minister P Chidambaram on Monday said the currency will find its level as steps being taken by the government to contain fiscal and current account deficits will improve investor sentiments.
The depreciating rupee against dollar has a short-term benefit for the IT industry and the sector should not depend on currency management for profits, a top functionary of industry body Nasscom said.
Indian rupee appreciated by 35 paise to end at two-week high of 63.03 against the greenback.
The Indian rupee ended slightly lower at 64.01/02 per dollar compared with Tuesday's close of 63.98/99 per dollar due to month-end dollar demand by importers.
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
Fresh foreign capital outflows also affected the rupee sentiment, a forex dealer said.
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
The rupee strengthened by 13 paise to 61.67 against the US dollar at close.
The domestic currency has gained by four paise or 0.06 per cent in two days.
The 30-share Sensex ended down 66 points at 28,438 and the Nifty ended down 15 points at 8,633.
The broader markets ended mixed with mid-caps gaining 0.1 per cent and small-caps falling 0.1 per cent on the BSE.
Fag-end selling of dollars by banks and exporters
Sustained dollar unwinding from exporters and banks amid weak overseas trend gave a boost to the rupee
In line with rally in stocks, the Indian rupee on Monday appreciated for the second straight session and closed with a eight paise gain at a one-week high of 61.36 against the Greenback.
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