The rupee managed to hold its overnight levels against the dollar on the money market at the week-end in the process of trading, dealers said.
The rupee also gained 80-paisa in relation to the dollar for buying and selling at Rs 116.20 and Rs 117.20 respectively, they said.
At the week-end, the dollar rose to one-week highs for a fourth straight session of gains after some Federal Reserve officials did not rule out an interest rate hike next month despite this week's market meltdown.
Atlanta Federal Reserve President Dennis Lockhart, a voting member of the rate-setting Federal Open Market Committee, saw the odds of a rate hike in September as roughly even.
The euro, meanwhile, fell 0.6 percent to $1.1180, well off its Monday high above $1.1700 when the sell-off in global markets led investors to unwind euro-funded carry trades.

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Open Bid       Rs 104.50
Open Offer     Rs 104.70
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According to currency dealers, the dollar resumed trading at overnight closing rate of Rs 104.50 and Rs 104.85 on buying and selling counters, respectively. However, the local currency depreciated its worth by 10-paisa on buying side at Rs 104.60 and 05-paisa on selling side at Rs 104.85 in relation to the greenback.
On the other hand, the British pound lost its ground against the Pak rupee. Pound Sterling was purchased and sold at Rs 159.60 and Rs 160.50 as against Rs 159.80 and Rs 160.50 on Friday, dealers said.
The dollar opened at Rs 104 (buying) and Rs 104.25 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 104 (buying) and Rs 104.25 (selling).
Pound Sterling opened at Rs 161 (buying) and Rs 161.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 161 (buying) and Rs 161.50 (selling).