The rupee had gained 40 paise to close at an eight-month high of 59.91 against the dollar on Friday.
The rupee closed at 60.31/32 on Thursday.
In the global markets, the euro was under pressure against the US dollar yesterday, dragged lower as European monetary policy officials indicated willingness towards supporting more stimulus measures to aid the regional economy.
In New York market, the US dollar cut its rise after a round of mixed US data yesterday, but held narrowly higher against key rivals.
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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.
The US and European Union on Monday announced a round of sanctions against Russian officials.
Data late on Wednesday showed consumer price inflation eased more than-expected to a 25-month low of 8.10 per cent in February, while industrial output unexpectedly expanded, albeit only by 0.1 per cent.
Caution ahead of key consumer inflation data in the day also weighed.
The domestic currency hovered in a range of 60.59-60.85 per dollar during the late morning deals.
In New York, the dollar turned broadly higher on last Friday after data showed the US economy in February added far more jobs than expected, providing a more upbeat read on economic growth this year.
Foreign investors have bought nearly $5 billion worth of debt so far in 2014.
In Hong Kong market, the dollar fell against Japanese yen in early trade after the release of a set of stronger- than-expected economic data.
In New York market, the dollar fell against the Japanese yen yesterday, taking cues from declines in US stocks.
In New York, the US currency fell against the Australian dollar and British pound on Monday as investors continued to weigh the potential weather drag on recent economic data, and whether or not it could sway monetary policy.
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The rupee has also been bolstered by inflows into equities and debt this month, despite concerns about the withdrawal of the U.S. Federal Reserve's monetary stimulus and China's economy.
In New York, the US dollar swung higher against many of its rivals on Wednesday.
Data showed the country's wholesale price-based inflation eased to an eight-month low in January as food prices moderated, offering some relief to policymakers who have long battled to get a handle on surging prices.
In New York, the dollar fell against the British pound on Wednesday after the Bank of England raised its projections for UK growth in 2014. However, analysts warned that gains against the dollar could be limited.
Domestic shares and other global markets rose on upbeat trade data from China earlier in the day and after a US House deal extending the federal borrowing authority.
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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