Extending its gains for the third straight day, the rupee on Friday appreciated by 14 paise against the American currency to end at one-week high of 67.03 on the back of robust dollar inflows in equities.
The domestic currency was further supported by unwinding of long-dollar positions by speculators and exporters.
At the Interbank foreign exchange (Forex) market, the domestic unit opened firmly higher at 67.02 compared to Thursday’s finish of 67.17 on sustained dollar selling by banks and exporters.
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But it failed to maintain early momentum and retreated to touch a intra-day low of 67.12 in mid-morning deals on fresh bouts of dollar demand.
However, rupee staged a dramatic recovery in afternoon to reclaim the significant 66-mark to hit a high of 66.95 before ending the session at 67.03, revealing a smart gain of 14 paise, or 0.21 per cent.
It has recovered 72 paise in three sessions.
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Meanwhile, the RBI fixed the reference rate for the dollar at 67.0613 and euro at 75.0885.
In cross-currency trades, the rupee continued to rule firm against the pound sterling and ended at 98.19 compared to 98.79 yesterday and recovered against the euro to conclude at 74.85 from 75.10 earlier.
The rupee on the other hand fell back against the yen to settle at 61.12 per 100 yens compared to 61.06.