At the interbank foreign exchange the rupee opened at 71.28, then gathered momentum and touched 71.23 against the USD.
The rupee could not hold on to the gains and was trading at 71.32 against the dollar at 0955 hrs.
Forex traders positive opening in domestic equities supported the rupee.
At the interbank foreign exchange, the rupee opened at 71.15 then fell to 71.17 against the US dollar.
Forex traders said cautious opening in domestic equities weighed on the rupee.
Forex traders said the rupee ended on a weak note as importers rushed for hedging amid expectations of intervention by the RBI.
Forex traders said muted opening of domestic equities weighed on the rupee.
Forex traders said market participants were enthused following positive developments on the US-China trade talk front.
Forex traders said the weakening of the US dollar vis-a-vis other currencies overseas also supported the rupee.
Forex traders said the news that the US and China are very close to reaching a trade deal supported the local unit.