The rupee gave up some losses against the dollar on the local money market on Friday in process of trading, dealers said. The rupee did not show visible change versus the US currency for buying and selling at Rs 124.24 and Rs 124.25 respectively, they added.
In the final Asian trade, the dollar dipped on Friday after weaker-than-expected US inflation data, with the currency already sagging on signs of reduced trade tensions between the United States and China.
Emerging currencies, like the South African rand and the Mexican peso, held onto to gains having surged, as investors in emerging markets registered relief that Turkey's central bank had hiked its policy rate to 24 percent to restore confidence in the lira.
The greenback took a hit overnight after the US consumer price index (CPI), the government's broadest inflation gauge, rose just 0.2 percent in August and less than the 0.3 percent projected by analysts in a Reuters poll.
The euro inched up 0.05 percent to $1.1695 after gaining more than 0.5 percent overnight when it brushed a two-week high of $1.1701.
The ECB kept policy unchanged as expected on Thursday, staying on track to end its bond purchases this year and raise interest rates next autumn.
The Turkish lira was a shade weaker at 6.137 per dollar after ending the previous day on a gain of more than 4 percent.
The lira surged after Turkey's central bank raised its benchmark one-week repo rate by 625 basis points to 24 percent on Thursday, in a bid to stabilise the currency, which had slumped to a record low against the dollar a month ago.
The dollar was trading against the Indian rupee at Rs 72.19, the greenback was at 4.143 versus the Malaysian ringgit and the US currency was available at 6.848 in relation to the Chinese yuan.

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Open Bid       Rs.125.00
Open Offer     Rs.125.50
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Bid Rate       Rs.124.24
Offer Rate     Rs.124.25
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