Mumbai: The rupee recovered by 13 paise to end at 63.39 against the American currency on fag-end selling of dollars by banks and exporters.
The rupee resumed lower at 63.57 per dollar as against Monday's closing level of 63.52 at the Interbank Foreign Exchange market and declined further to 63.58 on initial dollar demand from banks and importers on the back of higher greenback overseas in view of fall in crude oil prices.
However, it recovered afterwards to close at 63.39 per dollar on fag-end selling of the US currency by banks and exporters, showing a gain of 13 paise of 0.20 per cent. It hovered in a range of 63.39 and 63.58 per dollar during the day.
The dollar index was trading lower by 0.15 per cent against its major global rivals.
Globally, the dollar firmed up against its major rivals in early trade after Greece finally agreed to a debt deal with its creditors, allowing market focus to shift back towards US and European yield differentials.
Oil prices tumbled further in Asia today after the historic nuke deal between Iran and Western powers that would allow Iranian crude to flow back into the already saturated global market.
A strong US currency has also made the dollar-priced commodity more expensive, denting demand, analysts said. US benchmark West Texas Intermediate for August delivery fell 75 cents to $51.45 and Brent crude for August eased 60 cents to $57.25 in afternoon Asian trade.
Meanwhile, the Indian benchmark Sensex declined by 28.29 points or 0.10 pct to 27,932.90.
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