The domestic currency opened lower at 64.82 per dollar as against Friday's closing level of 64.74 at the Interbank Foreign Exchange market on initial dollar demand from banks and importers.
Later, it gained on dollar selling by exporters to Rs 64.69 before concluding at 64.75 per dollar, showing a mere loss of one paise or 0.02 per cent.
The domestic unit hovered in a range of 64.88 and 64.69 per dollar during the day.
The dollar index was traded lower by 0.12 per cent against a basket of six currencies in the late afternoon trade.
Overseas, the US dollar hovered near a three-week low versus a basket of major currencies in early Asian trade, hampered by doubts that the US Federal Reserve will raise interest rates by year-end.
The dollar slipped against most rivals in the late Asian trade on Monday, with China's currency rising to its best level against the greenback since Beijing's surprise devaluation of the yuan in August.