The rupee erased early losses todayand was trading at 55 rupees 62 paise against the dollar at the Interbank Foreign Exchange or Forex Market.The rupee resumed marginally higher at 55.60 per dollar as against the last closing level of 55.63, but fell sharplyto 55.74 on good demand for the American currency from banksand importers.However, it recovered to 55.57 on mild selling of dollars before quoting at 55.62 at 1040hrs.In New York, the dollar index climbed to its highest level in about two years on Wednesday.