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The rupee trimmed its initial gains against dollar but was still quoted up by 13 paise to 62.28 per dollar on selling of dollars by banks and exporters on the back of sustained capital inflows into equity market by foreign funds amidst firm equities.
The rupee resumed higher at 62.20 per dollar as against the last closing level of 62.41 per dollar at the Interbank Foreign Exchange (Forex) Market and moved up further to 62.10 per dollar.
However, it failed to maintain initial gains and was quoted at 62.28 per dollar at 1040hrs on mild demand for the greenback from importers.
It hovered in a range of 62.10 per dollar and 62.33 per dollar during the morning deals.
In the global market, the US dollar pared losses against other major currencies yesterday as investors considered when the Federal Reserve may begin to scale back its bond-buying programme.
Meanwhile, the Indian benchmark sensex continued its firm trend in the late morning trade and was quoted higher by 72.38 points or 0.35 per cent to 20,923.12 at 1040hrs.