The rupee slipped from its initial gains and was trading down by 3 paise to 61.54 against the greenback in late morning trade, on bouts of dollar demand from importers on the back of bullish US currency overseas.
The rupee resumed higher at 61.46 per dollar as against the yesterday's closing level of 61.51 at the Interbank Foreign Exchange (Forex) Market.
Later, it declined to 61.55 before quoting at 61.54 per dollar at 1030 hours.
The Indian unit hovered in a range of 61.46 and 61.46 per dollar in late morning deals.
In the New York market, the US dollar was trading little changed taking time out from its rally against its major rivals in early trade, as dealers awaited a batch of Chinese and US data.
Meanwhile, the benchmark BSE Sensex lower by 7.37 points, or 0.03 per cent, to 28,001.53 at 1040 hrs.
