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The rupee recovered by 5 paise to close at 63.67 against the American currency on fag-end selling of dollars by banks and exporters.
The rupee commenced lower at 63.78 per dollar from last close of 63.72 at the Interbank Foreign Exchange market on Tuesday and immediately touched a low of 63.81 on initial demand for the American currency from banks and importers amid downward correction in domestic equities.
However, it recovered in the afternoon to 63.54 on selling of dollars by banks and exporters in view of recovery in the equity market before ending at 63.67 per dollar, showing a gain of 5 paise.
It moved in a range of 63.54 and 63.81 per dollar during the day.
On Monday, the rupee had dropped by 21 paise or 0.33 per cent.
The dollar index was up 0.76 per cent against a basket of six major global rivals in Asia on Tuesday.
In the New York market on Monday, the dollar traded higher, starting on a high note after falling last week against the currencies of every other industrialised nation.
Meanwhile, crude Oil prices were mixed in Asia on Tuesday as a global glut and soft demand overshadowed the impact of geopolitical tensions in the crude-rich West Asia, analysts said.
US benchmark West Texas Intermediate for June delivery gained six cents to $59.49 while Brent crude for July eased 14 cents to $66.13 in late-morning trade.