Persistent foreign capital inflows also boosted sentiment.
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The central bank was seen selling dollars consistently when the rupee would approach the record low of 68.86 hit on August 28.
Dealers attributed the rupee's fall to increased demand for the US currency from importers.
The trading range is expected to be within 63.00 to 63.80.
The rupee had ended 11 paise higher at 62.20 on Tuesday.
The rupee on Friday bounced back 32 paise to close at 64.74 against the American currency on fresh selling of dollar.
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 dollar index was down by 0.02 per cent against a basket of six major currencies.
Falling for the third day, Indian rupee on Wednesday weakened by 14 paise to close at over one-week low of 62.02 against the Greenback.
'Slower-than-anticipated recovery can be a bigger risk this time than a liquidity-driven event -- at least for India.'
The dollar was weak against major world currencies.
The rupee shed 6 paise to hit a fresh 1-month low of 62.31 on Thursday.
The rupee has lost 23 paise or 0.35 per cent in two days.
The rupee on Tuesday lost another 15 paise against the US dollar to close at 65.88
The rupee extended its fall for the fourth consecutive day by losing another 6 paise to hit a fresh one-month low of 62.31.
Fresh dollar selling by exporters after USD was trading weak by 0.24 per cent against its major global rivals also aided the rupee recovery.
The rupee closes 12 paise down against the dollar.
The rupee on Monday continued its upward march against the US dollar for the third day, firming up by another 10 paise to 66.00 on fag-end selling of the American currency by banks and exporters.
The rupee on Tuesday fell by 25 paise to 65.05 on fresh dollar demand from banks and importers despite persistent foreign capital inflows.
The rupee recovered from initial losses against the American currency and was quoted higher by 6 paise to 62.00 on fresh selling of dollars by banks and exporters in view of strong foreign capital inflows into equity market.
The domestic currency had last ended at 64.17 per dollar.
The local currency had surged 18 paise to 63.64 in Thursday's trade.
Rupee gains for 4th day against dollar, up 17 paise on Fed stance.
Rupee ends flat against dollar ahead of Fed policy outcome.
On Monday, the rupee gained 16 paise.
The rupee had closed with a gain of 12 paise on Friday.
The rupee hovered in a narrow range of 62.20 and 62.28
Rupee fell to its 9-month low of 62.03 against the dollar.
Rupee hits more than two-year low; RBI intervenes
The rupee bounced back by four paise to close at 65.27 per dollar on fresh selling of the American currency by banks.
A strong dollar overseas and some hesitancy in local stocks, however, limited the rupee rise.
A weak dollar in overseas markets also strengthened the rupee sentiment
Although the current long-term bullish trend is intact, markets are awaiting clarity on the taper and the Assembly election results.
The domestic currency had lost 10 paise to close at 59.03 against the dollar in Thursday's trade amid capital outflows linked to fall in equities.
The rupee had plummeted to over three-month low of 63.32.
'India's sizeable foreign exchange reserves should serve as a buffer.'
Rupee rises by 16 paise against dollar on fresh selling.
Dollar gained against major currencies overseas.
Dollar sales by exporters and firm local equities also supported the local currency.
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