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The rupee failed to sustain gainsafter breaching the 62 level against the dollar today and still ended five paise higher at 62.36 as banks and exporters sold the US currency amid foreign capital inflows into the equity market.
Weakness in the dollar overseas also boosted the rupee, a forex dealer said.
The rupee resumed higher at 62.20 per dollar from the previous close of 62.41 at the interbank foreign exchange market and rose to 61.87 per dollar.
The initial gains were trimmed on fag-end dollar demand from banks and importers and the local currency ended at 62.36 per dollar, a gain of five paise or 0.08 per cent.
The rupee has moved up 135 paise in the past four sessions.
In the global market, the dollar pared losses against other major currencies yesterday as investors considered when the Federal Reserve would start scaling back its bond-buying programme.
Analysts expect Federal Reserve chief Ben Bernanke to favour retaining the $ 85 billion a month stimulus programme at a speech later today.
The minutes of the Federal Open Market Committee meeting in October are expected to be released on Wednesday.
"Rupee was seen surpassing another key level of 62 against the US dollar today on the back of consistent speculation that the Fed will continue its ongoing quantitative easing," said Abhishek Goenka, CEO of India Forex Advisors.
The 30-share benchmark Sensex continued its firm trend for the third day and ended 40.08 points higher at 20,890.82.