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The rupee is trading at 58.46/48 versus its previous close of 58.79/80, tracking foreign investor-led gains in domestic shares.
The rupee had earlier risen as high as 58.32, its highest since June 18, 2013.
Foreign institutional investors bought Indian shares worth Rs 3,634 crore ($615.62 million) on Friday, their biggest single-day purchase since March, provisional exchange data showed.
Earlier in the session, the RBI was seen buying dollars sporadically, which capped the rise in rupee but has been seen as less active in the afternoon.
