The rupee erased its initial losses today and was quoted higher by 19 paise to 63 rupees 18 paise per dollar on fresh selling of the US currency by banks and exporters on the back of its weakness overseas. The rupee earlier resumed lower at 63 rupees 45 paise per dollar as against the last closing level of 63 rupees 37 paise at the Interbank Foreign Exchange (Forex) Market on good dollar demand from banks and importers. However, it washed out earlier losses and was quoted higher at 63 rupees 18 paise per dollar on selling of the US currency by banks and exporters. In the global market, the US dollar continued to trade lower yesterday, as Federal Reserve policy makers started atwo-day meeting that's expected to result in a modest scaling back of the central bank's bond-buying programme.