Trimming initial losses, rupee was quoted 22 paise lower at 62.38 per dollar on demand for the US currency from banks and importers in late morning trade. The rupee resumed lower at 62.35 per dollar as against the last weekend's level of 62.16 per dollar at the Interbank Foreign Exchange market and dropped further to 62.46. However, it recovered afterwards to 62.32 per dollar before quoting at 62.38 per dollar.