After resuming lower, the Indian rupee was quoted stable at 47.71/72 against the US currency in late morning deals on expectations of fresh capital inflows after a cut in lending rates by major world central banks.
In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed sharply lower at 47.95/96 a $ against overnight close of 47.72/73.
Dealers attributed initial fall in the rupee to weakness in global equity markets amid expectations of capital outflows.
But, some stability in local bourses and recovery in most of the Asian indices helped the rupee to recover to quote at 47.71/72 in late morning deals.
It moved in a range of 47.65 and 47.95 a $.
Global crude oil prices fell to a 1-1/2 year low below $60 a barrel.
