Sentiments were weighed down as the US dollar turned higher against its major counterparts.
The US Fed kept its near-zero benchmark interest rate unchanged.
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.
Forex dealers said fresh dollar demand from banks and particularly, month-end demand from oil importers despite weakness of the dollar in the overseas market pulled down the rupee.
The local currency commenced lower at 54.03 a dollar on Monday's close of 53.86 at the Interbank Foreign Exchange market.
Forex dealers said, however, a firm dollar capped rupee's rise to some extent.
The rupee had hit a record low of 68.85 in August 2013.
Forex dealers attributed the rupee's fall to increased demand for the US currency from importers
The rupee rose by seven paise to 62.10 against the dollar.
Persistent dollar demand from banks and importers on the back of a higher dollar in the New York market mainly affected the rupee.
A higher opening in the domestic stock market buoyed the rupee sentiment
The rupee had ended 11 paise higher at 62.20 on Tuesday.
For the month as a whole, rupee depreciated 6.34 per cent in May.
The rupee ended lower by six paise at 65.73 against the US dollar on Monday.
The Indian rupee on Wednesday ended unchanged against the US dollar at 61.41 ahead of the outcome of US Federal Reserve's policy meeting.
The Indian rupee on Friday rose for the fifth straight session against the Greenback and ended at 62.46.
Rupee ends flat against dollar ahead of Fed policy outcome.
Rupee weakened by 10 paise to end at 66.14 against the dollar due to month-end demand from importers and banks.
Rupee falls 5 paise against dollar, ends at 61.92.
The rupee on Thursday surged by 22 paise to close at a fresh three-week high of 61.75 against the US currency.
The interbank foreign exchange (forex), call money markets, cotton, metals, sugar and future trading in castor seeds will remained officially closed on Friday on the occasion of Ramnavami.\n\n\n\n
Sustained foreign capital inflows coupled with recovery in the equity market mainly boosted the rupee value against the dollar, a forex dealer said.
The US dollar index was up by 0.16 per cent at 96.53.
A weak dollar against major world currencies supported the domestic unit.
A higher opening in the domestic equity market influenced uptrend.
The rupee on Tuesday tumbled by 32 paise to close at 64.17 on fresh dollar demand from importers.
Forex dealers said a higher opening in the domestic equity market and dollar's weakness against other currencies overseas after the US Federal Reserve kept its easing policy unchanged also supported the rupee.
The Rupee on Thursday breached the 49-mark against the US dollar and fell by 52 paise in early trade following increased capital outflow by foreign funds due to melting stock markets.
The rupee had eased by 2 paise to close at fresh 2-month low of 62.78.
.jpg)
In global markets, the dollar declined against key rivals in early trade as investors weighed the prospects for a continuation of monetary stimulus from the US Federal Reserve.
The rupee settled at 61.71. In straight three sessions, the currency has shot up 51 paise or by 0.82 per cent.
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 closed marginally stronger against the dollar on Wednesday.
The greenback's strength against other Asian currencies and lacklustre local equity markets made the rupee depreciate.
Sustained rise in equity markets in view of progress in monsoon mainly boosted the rupee value against the dollar.
The RBI is still a small player in international gold buying among central banks. But in terms of total gold bought in 2019, it is the sixth largest buyer with 25.2 tonnes purchases in the first 10 months of 2019.
Monday's morning trade sees increased selling of USD by exporters.
The local currency had shed 2 paise to close at 63.44 on Tuesday.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances