Mumbai :  The rupee pared its early gains, but was still higher by 14 paise against the US dollar at Rs 62.14 in late morning trade today on sustained bouts of dollar selling by banks and exporters. The Indian currency resumed higher at 62.14 as against yesterday’s close of 62.31 at the Interbank Foreign Exchange (Forex) market here. It further strengthened to Rs 62.05 on good bouts of dollar selling from banks before quoting at its opening level of 62.14 at 1100 hours.

The local currency hovered in a range of 62.17-62.05 per dollar during late morning trade. In New York market, the US dollar was on the defensive against the basket currencies in early trade after soft US economic data halted its surge against peers such as the yen and euro while the market awaited further developments in Greek debt negotiations. Meanwhile, the benchmark BSE Sensex was trading higher by 84.54 points, or 0.29 per cent, to 28,889.64 in late morning trade.