The Indian rupee trimmed its losses against the US dollar but was still quoted lower by nine paise to 62.29 on demand from banks and importers. The rupee resumed lower at 62.35 per dollar against the last closing level of 62.20 at the Interbank Foreign Exchanges (Forex) Market and dropped further to 62.44 per dollar. However, it recovered from initial losses and was quoted at 62.29 per dollar at 10.40 am on mild selling of the US currency from banks on persistent capital inflows from foreign funds into the equity market. It moved in a range of 62.29-62.44 per dollar during late morning deals. In New York, the US dollar swung higher against many of its rivals on Wednesday after the Federal Reserve released the minutes from its last policy meeting which showed widespread dissent about the path forward on policy normalisation. Meanwhile, the BSE Sensex dropped by 79.88 points, or 0.39 per cent, to 20,643.09 in late morning trade.

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