 "Rupee off 5-month lows as euro gains")
The rupee was trading at 61.34/35 after hitting 61.74 earlier, its weakest since March 5, but still weaker than Thursday's close of 61.22/23.
Gains in the euro and other majors versus the dollar aided sentiment for the pair. The index of the dollar versus six majors was down 0.16%.
Traders said foreign banks were spotted selling the greenback, causing the rise from session lows.
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The pair is seen holding in 61.20 to 61.60 range during rest of the session.
Losses in Sensex are seen preventing further fall in the pair. Nifty was down 1.1%.