Enduring a dismal season this year, defending champion Sumit Nagal Monday began his campaign at the USD 150,000 Bengaluru Open with a bang by defeating last year's finalist Briton's Jay Clarke in the opening round.
The rupee extended gains for the second straight session against the US currency by firming up 21 paise to close at 64.82 a dollar.
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Forex dealers said dollar's weakness against other currencies overseas supported the rupee.
In New York, the dollar edged down against the yen for the first time in three sessions as investors weighed economic data and remarks from outgoing Federal Reserve Chairman Ben Bernanke.
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A weak rupee makes imports costlier, including oil and other commodities.
The rupee came under pressure on demand from importers as the dollar strengthened overseas.
The domestic currency has already dropped 44 paise, or 0.67 per cent, in the previous two sessions.
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Fresh selling of dollars by banks and exporters on the back of good foreign capital inflows helped the rupee
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.
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The rupee had firmed up 16 paise to close at 67.52 on Thursday.
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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.
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In the global market, the US dollar rose against the basket currencies in early trade as US President Barack Obama called for diplomacy in dealing with alleged chemical weapons attack in Syria but kept open the possibility of military action against the Assad regime.
A strengthening dollar overseas also kept the rupee under pressure amid demand from importers. Goldman Sachs followed JP Morgan, HSBC and Nomura in cutting India's economic growth forecast and also said it expects the rupee to touch 72 against the dollar in the next six months.
The rupee on Tuesday fell by 25 paise to 65.05 on fresh dollar demand from banks and importers despite persistent foreign capital inflows.
Weakness of the dollar in the overseas market also boosted the rupee, a forex dealer said.
The rupee closes 12 paise down against the dollar.
The dollar's weakness against other currencies overseas and a higher opening in the domestic equity market supported the rupee, forex dealers said.
The rupee appreciated further on Thursday, adding 106 paise to 66.01 against the dollar, after steps taken by new Reserve Bank of India Governor Raghuram Rajan to attract US currency inflows boosted market sentiment.
Persistent foreign capital inflows also boosted sentiment.
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Banks and exporters preferred to reduce their dollar position in view of its weakness.
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Domestic shares jumped nearly 1.5 per cent on Monday to an all-time high, surpassing their previous record hit just last week, as lenders including ICICI Bank extended a recent rally.
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A weak dollar in overseas markets also strengthened the rupee sentiment
The domestic currency had last ended at 64.17 per dollar.
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.
Forex dealers said rebound in domestic stock markets also helped the rupee strengthen against the dollar.
The domestic currency has dropped 40 paise or 0.60 per cent in two days
The rupee showed range-bound movement on Wednesday as investors preferred to stay cautious in the unsure market.
The local currency had surged 18 paise to 63.64 in Thursday's trade.
The rupee continued to slide against the pound sterling and finished at 102.64 as against 102.25 previously.
The rupee has lost 37 paise or 0.55 per cent in two days.
Rupee volatility could be dampened if it is steadily manoeuvered to levels consistent with inflation differentials, say Jaimini Bhagwati and Abheek Barua
Weakness in dollar in the overseas market also boosted the rupee value
