The rupee trimmed its initial gains and was still quoted up by 3 paise to 62.27 per dollar as banks and exporters sold the US currency.

The rupee resumed higher at 62.20 per dollar as against the last closing level of 62.30 at the forex market and firmed up further to 62.16.

However, it trimmed its initial gains but was still up by three paise to 62.27 per dollar at 10.45 hours (IST).

It hovered in a range of 62.16-62.27 against the dollar during the morning deals.

In New York market, the dollar rose against most rivals on Tuesday as investors awaited the next day’s release of minutes from the Federal Reserve’s December meeting.

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