The rupee is trading at 61.90/91 versus Monday's close of 61.9350/9450. The Indian unit had earlier fallen to 62.04.
Traders say a large software exporter seen selling dollars in the market.
Further gains, however, unlikely on the back of weak local shares. Nifty trading down 0.7 percent.
The rupee is seen in a 61.80 to 62.00 range rest of the day.
Traders to watch fund flows for direction during the day.
Asian currencies trading mixed vs the USD.
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(Reporting by Swati Bhat)
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