The Indian rupee reversed initial losses and was being quoted 13 paise higher at Rs 48.94 per US dollar in early trade today on fresh selling of the American currency by banks and exporters in view of dollar weakness overseas.The rupee resumed lower at Rs 49.14 per dollar on the Inter bank Foreign Exchange, as against its previous close of Rs 49.07 per dollar. However, it recovered almost immediately to Rs 48.94 per dollar before quoting at Rs 48.96 per dollar at 1030 hours.