Besides, a higher opening in the equity market and strengthening of euro against the dollar overseas also supported the rupee, forex dealers said.
The rupee had plunged by 39 paise to close at a two-month low of 54.75 in the previous session on Friday's trade.
Meanwhile, the BSE benchmark Sensex recovered by 43.68 points, or 0.23 per cent, to 18,727.36 in early trade today.