Epic Update: Indian rupee

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The rupee trimmed its initial gains against the American currency but was still quoted up by 9 paise to 54.76 per dollar in the late morning trade on mild selling of dollars by banks and exporters ahead of the Reserve Bank's mid-quarter monetary policy review meeting. The rupee resumed higher at 54.70 per dollar as against the last closing level of 54.85 per dollar at the Interbank Foreign Exchange ( Forex) Market on selling of dollars by banks in view of persistent foreign capital inflows into equity market.