Forex traders said muted domestic equities, sustained foreign fund outflows and elevated crude oil prices weighed on the local unit.
At the interbank foreign exchange, the rupee opened at 74.70 against the American dollar, and later witnessed an intra-day high of 74.68 and a low of 74.87 against the greenback
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.11 per cent lower at 95.53.
However, the surge in the rupee was restricted amid elevated crude oil prices and muted domestic equities.
The risk-sensitive Australian and New Zealand dollars fell slightly in morning trade
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 96.59.
Fed Chair Jerome Powell said the U.S. central bank will be open-minded as it adjusts monetary policy to keep persistently high inflation from becoming entrenched
Meanwhile, cryptocurrencies traded weaker, but were well off the lows tested at the start of the week
Forex traders said the Indian rupee is trading in a narrow range ahead of the US Federal Reserve meeting later this week.
The rupee snapped its 3-day losing streak to settle 14 paise higher at 74.44 (provisional) against the US dollar on Wednesday
Continuing its fall for the third consecutive session, the rupee on Tuesday slumped 33 paise to close at 74.58 (provisional) against the US dollar
The rupee fell 9 paise to close at 74.24 (provisional) against the US dollar as muted domestic equities and elevated crude oil prices weighed on investor sentiments
The rupee on Friday slumped 25 paise to close at 74.15 (provisional) against the US dollar, as muted domestic equities and elevated crude oil prices weighed on investor sentiments.
The euro slipped by 0910 GMT but held above $1.13 while the dollar index, at 96.159, was unchanged on the day but near its weakest since last Friday
Erdogan introduced a series of steps late on Monday that he said will ease the burden of a weakened currency on Turks
Sterling rose 0.7% to a two-week high of $1.3368 after the BoE raised its main interest rate to 0.25% from an historic low of 0.1%
Meanwhile, the US dollar index, which measures the greenback's strength against the basket of six currencies, fell 0.37 per cent to 96.15
The Reserve Bank of India (RBI) on Wednesday permitted Indians as well as Overseas Citizens of India (OCI) cardholders going on pilgrimage to Gurdwara Darbar Sahib in Kartarpur, Pakistan
In the previous session, the rupee had settled at 75.78 against the greenback
Myanmar's shadow government said it would allow the use of the world's largest stablecoin, Tether, as an official currency