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The rupee wiped off its initial losses and was trading strong at 67.03 on heavy capital inflows into the domestic equity market.
Besides, dollar's weakness against other currencies overseas supported the rupee sentiment.
The rupee fell 8 paise to 67.15 against the previous close of 67.07 in early trade on increased dollar demand from importers.
It hovered in a range of 67.15 and 66.98 before quoting at 67.03, up 4 paise at 4.35 pm local time.
Meanwhile, the Sensex and Nifty closed at their highest in nearly five months on Friday, posting their fourth consecutive weekly gain, driven higher by financial stocks such as HDFC Bank, which hit a record intraday high.
The benchmark BSE index closed 167.48 points or 0.59 per cent higher at 28,468.75.
The dollar wallowed near a one-week low against a basket of currencies on Friday after upbeat economic data failed to lift Treasury yields, with underlying concerns about US trade policy capping greenback attempts to bounce.
The dollar index against a group of major currencies stood flat at 100.470 after hitting 100.410 overnight, its lowest since February 9.
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