On Thursday, the rupee strengthened against the US dollar by 13 paise to settle at 82.70 (provisional), helped by widespread dollar weakness and an uptick in domestic equities.
Positive domestic trade deficit data and foreign money inflows, according to forex traders, helped to boost investor optimism.
The local unit gained 13 paise from its previous finish of 82.83 at the interbank foreign exchange market, where it started at 82.72 versus the dollar and ultimately settled at 82.70.
During the trading session, the rupee touched a high of 82.59 and a low of 82.73 against the dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.21 per cent to 103.70.
Brent crude futures fell 0.50 percent to USD 84.95 per barrel, the global oil benchmark.
On the domestic equity market front, the 30-share BSE Sensex advanced 44.42 points or 0.07 per cent to end at 61,319.51, while the broader NSE Nifty rose 20.00 points or 0.11 per cent to 18,035.85.
According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital market on Wednesday, buying shares worth Rs 432.15 crore.
As imports fell 3.63 percent yearly to USD 50.66 billion in January, India's trade deficit shrunk to a 12-month low of USD 17.75 billion. When compared to January of last year, exports fell 6.58 percent to USD 32.91 billion.
With inputs from Agencies.
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