The rupee surrendered most of its early gains but managed to end higher by a modest two paise at 63.84 against the dollar in highly volatile trade despite the outlook for the US currency remaining lacklustre.
Maintaining its bullish stance, the rupee resumed sharply higher at 63.70 from its overnight close of 63.86 at the Interbank Foreign Exchange (forex) market on sustained dollar unwinding by exporters and banks.
It strengthened further to hit the day’s high of 63.62 in mid-morning deals before succumbing to heavy dollar pressure.
After trading in a tight range for most part of the session, the home currency finally settled at 63.84, showing a gain of 2 paise, or 0.03 per cent.
For the week, the rupee depreciated by 21 paise.