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The rupee recovered from initial losses and was being quoted higher by five paise at 54.42 against the US dollar in late morning trade today.
The rupee's gain was boosted by fresh selling of dollars by banks and exporters in view of persistent capital inflows from foreign funds into equity market.
The rupee resumed lower at 54.52 as against the last closing level of 54.47 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 54.54 on
initial dollar demand from banks in view of firm its firm value overseas.
However, it recovered from initial losses and was quoted higher at 54.42 per dollar at 1050 hours.
It hovered in a range of 54.37 and 54.54 per dollar during the morning deals.
In New York, the dollar rose against most major rivals yesterday with gains accelerating after remarks by a Federal Reserve official about the possible future of monetary policy.
The euro hit a 6-week low after manufacturing data signalled that euro zone was facing the prospect of remaining in recession in the first quarter.
Meanwhile, the Indian benchmark BSE-30 share index, Sensex, moved up by 8.41 points or 0.04 per cent, to 19,333.77 at 1100 hours.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1,213.57 crores yesterday, as per provisional data from the stock exchanges.