Rupee down 5 paise to 64.94/$

The rupee pared its early gains to end five paise lower at 64.94 against the dollar on emergence of demand for the US currency from importers and banks. The rupee resumed lower at 64.91 as against Tuesday’s closing of 64.89 at the interbank foreign exchange market. Overseas, the dollar held firm against its major rivals in early Asian trade helped by a rise in US Treasury yields, while the yuan eased after Moody’s cut its sovereign rating on China due to concerns over the country’s soaring debt.