Mumbai, Jan 8 (PTI): The Indian rupee trimmed its initial gains and was still quoted up by three paise to 62.27 per dollar as banks and exporters sold the US currency.

The Indian rupee resumed higher at 62.20 per dollar as against the last closing level of 62.30 at the Interbank Foreign Exchange (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 1045 hours.
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 yesterday as investors awaited the next day's release of minutes from the Federal Reserve's December meeting.

The European Central Bank and the Bank of England will release the monetary policy decisions on Thursday and investors are also watching for December's jobs report on Friday.

Meanwhile, the Indian benchmark BSE Sensex rose by 69.64 points, or 0.34 per cent, to 20,762.88 at 1045 hours.