The rupee was trading with gains of 14 paise over Thursday's close of 62.40. The rupee has been trading steady in the last few weeks, thanks to a series of measures unveiled by the Reserve Bank of India and the government.
The currency had fallen to a record low of 68.81 against the dollar and in the last two months has seen an almost 10 per cent recovery.
Forex markets are expected to exhibit less volatility at least until the outcome of the state elections are known early next month. Following this, the next big trigger for the rupee would be the Federal Reserve meeting slated for December 17 and December 18, following which a decision on QE3 tapering is likely to be taken.
Any QE3 tapering done could pose a risk to the stock markets and could impact the Indian rupee. Until then dealers do not expect any volatility in the stock markets. Check currency rates here