The rupee added another 8 paise to end at 61.23 against the dollar, the highest level in more than two weeks, as the US currency traded stable ahead of the outcome of Federal Reserve's meeting today and as domestic shares surged to a record.
The domestic unit moved in a range of 64.14 and 63.99.
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The Indian rupee on Friday rose for the fifth straight session against the Greenback and ended at 62.46.
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On Monday, the rupee gained 16 paise.
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The RBI stipulated on Thursday that foreign institutional investors would require a mandate from participatory note holders to hedge on their behalf.
The rupee bounced back by four paise to close at 65.27 per dollar on fresh selling of the American currency by banks.
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
The rupee had dipped by a massive 67 paise to an all-time closing low of 61.10 against the dollar on Friday.
In line with rally in stocks, the Indian rupee on Monday appreciated for the second straight session and closed with a eight paise gain at a one-week high of 61.36 against the Greenback.
The local currency had lost 119 paise in the past five sessions on rising worries over current account gap and fears that withdrawal of US stimulus will hit inflows from overseas.
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The rupee had slumped to its all-time closing low of 68.80 a dollar on August 28, 2013.
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Rupee fell to its 9-month low of 62.03 against the dollar.
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A strong dollar overseas and some hesitancy in local stocks, however, limited the rupee rise.
The rupee had ended 13 paise higher at 60.92 against the greenback in Wednesday's trade following sustained dollar selling by exporters.
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Weakness of the dollar against other currencies overseas gave the rupee more muscle.
The rupee had plummeted to over three-month low of 63.32.
In New York, the dollar was up last Friday against its major rivals following weak German economic data.
It moved in a range of 59.80 and 59.99 per dollar during the morning deals.
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Snapping a two-day fall, the rupee opened strong at 59.49 a dollar from the previous close of 59.76 at the Interbank Foreign Exchange Market and then touched a low of 59.59.
The rupee resumed higher at 60.13 per dollar as against the last closing level of 60.20 at the Interbank Foreign Exchange market, and hovered in a range of 60.07 and 60.18 per dollar before quoting at 60.08 at 1000 hours.
The rupee had strengthened by 19 paise on Monday.
Rupee rises by 16 paise against dollar on fresh selling.
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.
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The RBI fixed the reference rate for the dollar at 65.2525 and for the euro at 72.1954.
Dollar gained against major currencies overseas.
