Earlier the rupee resumed weak on sustained bouts of dollar demand at 61.22 as against the last closing level of 61.17 at the Interbank Foreign Exchange (Forex) Market.
Later it gained on dollar selling and was quoted 61.12 per dollar at 1020 hours.
It moved in a range of 61.11 and 61.22 per dollar during the morning trade.
Crude oil prices fell in Asia today on easing concerns about supply disruptions arising out of conflicts in Ukraine and Iraq.
In New York Market, the US dollar also moved up against its major rivals late yesterday as investor concerns about geopolitical conflicts eased.
Meanwhile, the benchmark BSE Sensex was trading higher by 150.53 points or 0.59 per cent to 25,669.77 at 1030 hours.