Surrendering some of its early gains, the rupee on Tuesday rose by eight paise to 59.64 on dollar selling by banks and exporters on weakness of the US currency overseas.

The rupee resumed higher at 59.50 per dollar as against the last closing level of 59.72 per dollar at the Interbank Foreign Exchange (Forex) market.

However, it failed to maintain initial gains and was trading at 59.64 per dollar at 10.50 hrs (IST).

It moved in a range of 59.50-59.69 per dollar during the morning deals.

In global markets, the dollar declined against key rivals in early trade as investors weighed the prospects for a continuation of monetary stimulus from the US Federal Reserve.

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