The rupee trimmed its initial losses but was still 23 paise down to 62 rupees 74 paise against the dollar in late morning trade on monday. The fall was attributed to a month-end dollar demand from importers, amidst fall in the equity market. The domestic currency resumed lower at 63 rupees as against the last weekend's level of 62 rupees 51 paise. However, before quoting at 62 rupees 74 paise, it recovered afterwards to 62 rupees 60 paise, on mild selling of dollars by banks.