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A few traders reckoned that it was possible that the Reserve Bank of India may have intervened in NDF market to defend the rupee
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On Friday, the rupee fell 13 paise to settle at 83.16 against the American currency
After slumping to 90 against dirham in the open market earlier this week, it recovered to 85 on Friday after the crackdown in the open market
Earlier this week, India's central bank sold dollars in the spot market and also intervened in the non-deliverable forward market to curb the fall
The rupee 'will stay in a narrow range today,' a foreign exchange trader at a state-run bank said
It was a challenging session for Asian currencies overall because of weak China data and an uptick in US Treasury yields
Investors are awaiting the GDP data for the first quarter of the current fiscal year, which will be released later in the day
The dollar index had its worst session in one-and-a-half months after US job openings, a measure of labour demand, dropped 338,000 to 8.827 million
Higher US yields will keep the dollar bid and the rupee is not likely to see much upside from here, traders said
An upward movement in crude prices also weighed on the South Asian currency