The rupee was trading higher at 54.97 against the dollar in the afternoon trade after the domestic equity market recovered from its lows.
Breaching the 55-mark, the Indian unit opened weaker at 55.06 against the dollar today against the previous close of 54.88 on Friday.
The rupee depreciated further on concerns of continued lag of the looming current account deficit raised by global ratings agency Standard and Poor’s last week.
The Indian currency is likely to appreciate in the week ahead on hopes of key interest rate cut by the Reserve Bank of India in its mid-quarter monetary policy in June.
