The Indian rupee broke its five weeks losing string and closed higher by 24 paise at 62.87 against the US dollar during the week under review following fresh dollar selling by exporters and some banks despite weak local equities.

Foreign funds inflows also aided the rupee to recover some lost ground.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced higher at 62.85 per dollar from last weekend's close of 63.11 and improved further to a high of 61.87 on the back of strong equities at initial stages amid dollar selling by exporters.

The rupee rose initially, aided by increased capital inflows and RBI Governor Raghuram Rajan's comments that there is no fundamental reason for the currency to fall again.

Weak dollar overseas in the wake of dovish testimony by Federal Reserve chief nominee Janet Yellen, which indicated tapering of the stimulus programme may be delayed, also helped the rupee recovery.

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