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The dollar weakened following the US mid-term election results, which showed Democrats wrestling control of the House of Representatives from the ruling Republican party.
However, it will be delayed after the next month.
Forex traders said the rupee's rise by dollar-selling from exporters and banks, and the greenback's weakness against some overseas currencies.
At the Interbank Foreign Exchange (forex) market, the rupee opened on a firm note at 72.68 from Tuesday's close of 73.
It climaxed to a high of 72.45, driven by dollar selling by exporters, but ceded some ground to finally end at 72.50, up 50 paise over its last close. The rupee had rebounded by 12 paise to end at 73 per US dollar Tuesday. In the last two trading sessions, the rupee has gained 62 paise.
The forex market was closed on Wednesday and Thursday.
Globally, Brent crude, the international benchmark, slipped below the $ 70 per barrel mark.
Meanwhile, foreign institutional investors (FIIs), which had been selling on the Indian stock market, made fresh purchases worth Rs 31.02 crore Wednesday, as per provisional data.
The Financial Benchmark Private India Ltd (FBIL) set the reference rate for the rupee / dollar at 72.7347 and for rupee / euro at 82.5195. The reference rate for rupee / British pound was fixed at 94.8737 and for rupee / 100 Japanese yen at 63.84.
Meanwhile, domestic benchmark indexes ended on a negative note after a choppy session Friday.
The 30-share Senbad fell 79.13 points, or 0.22 per cent, to close at 35,158.55, while the broader NSE Nifty slipped 13.20 points, or 0.12 per cent, to 10,585.20.
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