The rupee opened slightly weaker on Friday tracking some losses in the euro versus the dollar overseas and lack of clarity on fund flows from a choppy domestic sharemarket.

India will take gradual steps to full convertibility of the rupee but not in one go, Finance Minister Pranab Mukherjee told parliament on Friday.

The rupee climbed to its highest level in nearly two months on Monday, riding on a firm start to the local sharemarket and broad weakness in the dollar versus major currencies.

The finance minister appeared to be closer to winning key political support for his controversial hike in fuel prices despite an uproar that forced the closure of parliament on Wednesday

The rupee climbed to its highest level in six weeks on Wednesday as broad weakness in the dollar versus majors units and gains in domestic shares together buoyed sentiment.

The Reserve Bank of India said on Tuesday banks may allow changes in the repayment of foreign currency borrowings if the average maturity of such debt is maintained.

The rupee extended its retreat from near two-week highs, early on Thursday, tracking weak regional peers and an early drop in the domestic sharemarket which could prompt foreign fund withdrawals.

The rupee seesawed in early trade on Friday with losses in domestic shares and dollar gains pressuring it lower but expectations of a tighter monetary policy supporting the local currency

The rupee recovered from early losses to gain on Monday as the dollar weakened against other major currencies, snapping a four-day fall despite another drop in the sharemarket and customary month-end dollar buying by refiners.

The rupee strengthened slightly on Monday, recovering from a one-week low as an early rise in local stock prices boosted capital inflow expectations.

The rupee was largely steady on Wednesday after a sharp drop in late trade on the previous day following China's move to hike banks' reserve requirements that raised concerns over the outlook for growth.

The rupee surged to its highest level in more than 15 months on Thursday, buoyed by the dollar's broad weakness globally and following gains in other regional peers, with further gains expected.

The rupee strengthened on Monday, tracking higher regional peers and an early rise in the domestic sharemarket.

The rupee dropped on Thursday after the central bank tightened some of the foreign borrowing rules for companies but the sharemarket open is likely to be more crucial in providing direction to the local unit.

The rupee dropped to its lowest in almost two weeks on Wednesday as weakness in regional currencies and stocks weighed, but the dollar's weakness against major units may curb the decline.

The rupee strengthened to its highest in nearly a week on Wednesday boosted by hopes for inflows into the local sharemarket with a broad dollar drop versus majors also underpinning market sentiment.

India's foreign exchange reserves fell to $284.391 billion as on Oct. 30, from $285.520 billion a week earlier, the central bank said in its weekly statistical supplement on Friday.

The rupee rose to its strongest in nearly two weeks on Friday as gains in the stock market strengthened expectations of capital inflows and the dollar's losses overseas lifted sentiment.

The rupee rose on Wednesday tracking higher regional units and gains in Asian stock markets, which could prompt foreign investors to bring in more funds into the local market.