The Indian rupee pared its early gains but was still quoted higher by 76 paise to 62.72 per US dollar in late morning deals on Monday on selling of the US currency by banks and exporters. The local currency resumed lower at 63.70 per dollar as against the last weekend's level of 63.48 at the Interbank Foreign Exchange (Forex) market. However, it recovered afterwards to 62.50 before quoting 62.72 per dollar at 10.40 am. The rupee moved in a range of 62.50 and 63.70 per dollar during the morning deals. Traders said apart from selling of the American currency by exporters and banks, a higher opening at the domestic equity market and dollar's weakness against other overseas currencies, after Larry Summers, the man tipped to be named Ben Bernanke's successor as Fed chairman, withdrew from the race, also supported the rupee. Meanwhile, the BSE Sensex trimmed its earlier gains too, but was still quoted higher by 211 points or 1.07 per cent to 19,943.75.

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