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.
China's CSI300 stock index shed 1.1 per cent, hitting a five-week low, while shares of Hong Kong-listed Chinese companies sagged 0.9 per cent.
As global markets near all-time highs driven by liquidity, Marc Faber suggests most asset prices worldwide are inflated.
India has always been a good bet in relative terms during crises/turbulent times in emerging markets (EMs).
The rupee's plunging to record level and a sharp fall in the equity market are knee-jerk investor reactions to the US Federal Reserve's saying the it will slow down bond-buying programme in view of improving American economy.
This is the highest closing level since May 11, 2016 when the rupee had finished at 66.56
The Reserve Bank of India kept interest rates on hold at 7.50 per cent.
BSE Midcap and BSE Smallcap indices settled the day 0.7% and 0.9% higher
In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%
Former RBI Governor Subbarao blamed Chidambaram for undermining the autonomy of RBI and putting pressure on him to cut interest rates.
RBI likely to cut rate early next year.
Determining the direction of the dollar in Trump's America will be more critical for asset allocation than getting your call on interest rates right, says Akash Prakash.
India is likely to attract increasing notice from global investors.
The second half of June could be driven more or less by technical factors triggered by news flow from Greece, the US Federal Reserve and the monsoon. The technical picture seems bearish as of now, says Devangshu Datta.
Broader market outperformed the frontline indices and also hit their respective all-time highs
The dollar index eased 0.05 per cent to 98.69.
Market sentiment suffered a jolt after other Asian markets closed with widespread losses and European markets dropped in early trade
India Inc is borrowing from global firms as interest rates sky rocket in India.
The S&P BSE Sensex shed 119 points to close at 27,977 and the Nifty50 dropped 45 points to finish at 8,591.
ICICI Bank and SBI were among the top Sensex gainers along with FMCG majors ITC and HUL.
After hitting a record low of 68.85 to the dollar last week, a Reuters poll suggests the rupee will stabilise at 66 to the dollar by the end of September, while technical charts also point to a period of relative calm.
Increased demand for the dollar from importers put pressure on the rupee.
Drop in oil prices and the government's reform agenda has helped India to be out of the Fragile Five group
'Markets should be driven more or less by earnings growth.'
Aditya Birla Money MD talks about liquidity concerns in the market.
Christine Lagarde warned of a repeat of high market volatility.
'We will supply dollars in case of extreme volatility.'
Gold buyers in Asia were in no hurry, anticipating the market to weaken further, with premiums in India and Hong Kong picking up only modestly this week
Dealers attributed the rupee's fall to fresh demand for USD.
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
These cash shortages increase banks' funding costs, making it harder for them to lower lending rates
Expectations of continued stimulus withdrawal by the US Federal Reserve added to the market's gloom.
The Reserve Bank of India has no plans to cut the short-term repo rate for some time, a senior central bank official said on Thursday.
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