The rupee bounced back by 54 paise to close at an almost two-month high of 61.39 against the dollar amid sales of the US currency by exporters, firm equities and capital inflows. The local currency opened at 62.20 a dollar from the previous close of 61.93 and immediately touched a low of 62.29 at the interbank foreign exchange market. It rebounded to a high of 61.32 on dollar selling by exporters and positive local equities before closing at 61.39, a rise of 54 paise.