Rupee hits 2-week low of 64.01, down 3 paise

The currency has dropped by 0.7% in the last three days

The rupee continued to decline for the third consecutive day against the US currency by slipping 3 paise to close above the 64-mark after nearly two weeks on dollar demand from importers coupled with higher greenback overseas.

The rupee resumed lower at 64.06 per dollar as against the last closing level of 63.98 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 64.16 per dollar before concluding at 64.01, showing a marginal loss of 3 paise or 0.05 per cent.

The rupee has dropped by 49 paise or 0.77 per cent in the last three days.

The domestic currency had last ended at 64.00 on May 13, 2015.

It hovered in a range of 63.8950 and 64.16 per dollar during the day.

Month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.

Oil prices were marginally higher in Asian trade today, attempting a rebound after sharp losses of nearly 3 pct in the previous session on the back of a strong U.S. Dollar.

The dollar index was up by 0.10 pct against a basket of six major global rivals in the late Asian trade today.

The dollar finished Tuesday's North American session at its highest level against the yen since July 2007. The U.S. currency also recorded strong gains against the euro.

Meanwhile, the Indian benchmark Sensex ended higher by 33.25 points of 0.12 pct today.