Rupee ends 3 paise lower at 63.58 against dollar

The rupee ended marginally lower by three paise at 63.58 against the US dollar on mild demand for the American currency from banks and importers.

The rupee resumed lower at 63.58 as against previous closing of 63.55 at the Interbank Foreign Exchange (Forex) market and moved in a range of 63.62 and 63.51 before ending at 63.58, showing a loss of 3 paise or 0.05 per cent.

The dollar index was up by 0.09 per cent against a basket of six currencies in late afternoon trade today. In the overseas market, the dollar lost ground against its major rivals in early trade today, slumping in particular against the pound on increased expectations for a rise in interest rates in the UK.

At the New York market, the US dollar snapped a four-day winning streak seen yesterday as investors took advantage of light trading volume to unload some of their holdings.

Meanwhile, oil prices resumed their decline in Asia today following a US report showing stockpiles surged last week, with analysts warning for further weakness ahead. Meanwhile, the benchmark 30-share BSE Sensex today ended higher by 322.79 points or 1.15 per cent, at 28,504.93.