The rupee trimmed its early gains today to 55 rupees 48 paise against the US currency in the late morning trade. The fall was due to selling of dollars from banks on the back of lower dollar in overseas market. The rupee which resumed higher at 55.45 per dollar, hovered in a range of 55.40 per dollar and 55.53 per dollar before quoting at 55.48 per dollar a short while ago. In New York, the US dollar lost ground yesterday, with the euro rising 1 per cent on growing optimism that the European Central Bank will take steps to bring down borrowing costs for indebted euro-zone nations such as Spain and Italy.