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The rupee was trading weak at 63.54 due to dollar demand from importers and banks. Also, the dollar's strength against other major currencies overseas capped the rupee's gains.
The domestic unit opened weak at 63.56 per dollar, retreating from yesterday’s 2-1/2 years closing highs of 63.48, at the interbank foreign exchange market today. The rupee hovered between 63.57 and 63.45 per dollar, before quoting at 63.53, down 5 paise at 4.45 pm local time.
In the overseas market, the dollar index against a basket of six major currencies held steady at 91.902, having pulled up from Tuesday's 3-1/2 month low of 91.751.
Later on Wednesday, investors will turn their attention to the minutes of the Federal Reserve's December policy meeting, when it raised interest rates for the third time in 2017. Further cues are likely from U.S. economic data this week, including jobs figures on Friday.
Meanwhile, the benchmark Sensex ended marginally lower as optimism about an improving global economy was offset by caution ahead of the start of the domestic corporate results season next week. The BSE index ended the day at 33,793.38, down 18.88 points, or 0.06 per cent .
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