However, firm equity markets capped the rupee losses.
The Reserve Bank of india is likely to tell state-run United Bank of India (UBI), which has seen erosion of capital due to bad loans and higher provisioning to implement prompt corrective action.
The local currency had gained 10 paise to close at 63.51.
Mobile remittance services, which have done wonders in other emerging market economies like Kenya and the Philippines, are expected to change the retail payment landscape in the country that has over 600 million mobile subscribers and 300 million bank account holders.
The rupee surged to its highest level in five weeks to end at 65.58 by gaining 38 paise against the US currency.
On Tuesday, the rupee had declined marginally by 3 paise to 66.03.
The NSE Nifty too ended 58.60 points, or 0.54 per cent, higher at 10,967.30 after shuttling between 10,985.15 and 10,928 during the session.
The Rupee is likely to recover during day trad, say currency watchers.
The dollar was weak against major world currencies.
The rupee had lost 6 paise to close at 55.80 against the Greenback yesterday on persistent dollar demand amid stronger trend overseas.
For the month as a whole, rupee depreciated 6.34 per cent in May.
Firm equity markets and foreign capital inflows failed to restrict rupee's fall against the dollar
Recovering from early losses, the rupee on Friday ended marginally higher at 64.81 against the US dollar.
The rupee opened slightly higher by Rs 67.24 against Tuesday's closing level of Rs 67.26 per dollar.
The domestic currency had lost 44 paise in the previous two days.
The rupee on Thursday plummeted to an over three-month low of 63.32 by losing 50 paise against the US dollar.
The rupee fell because of fresh demand for dollar from importers.
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.
The rupee had advanced 7 paise to end at 65.51 on Thursday.
Persistent dollar demand from banks and importers on the back of a higher dollar in the New York market mainly affected the rupee.
Rupee climbs further to fresh nine year high of 39.785 against the US dollar
The rupee firmed up by 15 paise to close at 62.36 per dollar on fresh selling by banks
Strong rebound in local equities restricted the rupee's fall.
On Tuesday, the rupee closed lower by 13 paise at 67.27.
The domestic unit closed lower by 6 paise at 66.71.
Bearish dollar overseas also supported the rupee
Rupee is likely to remain under pressure due to domestic concerns.
Weak equity markets too hit rupee sentiment
The domestic currency had last ended at 64.17 per dollar.
The rupee had shed 9 paise to end at 64.13 on Friday.
A weak dollar in overseas markets also strengthened the rupee sentiment
The rupee had snapped its 3-day losing streak on Thursday.
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.
Extending losses for the second straight session, the rupee slipped by 11 paise at 66.54 against the US dollar.
Sustained rise in equity markets in view of progress in monsoon mainly boosted the rupee value against the dollar.
Sensex crashed more than 1,000 points in opening trade. Asian stocks plunged too on Friday.
The dollar's strength against other currencies overseas limited the rupee's gain.
The rupee on Monday tumbled by 68 paise to close at a nearly 8-week low of 66.44 against the American currency.
The rupee rose by 4 paise at 66.88 against the US dollar in early trade on Wednesday.
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