The rupee trimmed its initial gains against the American currency but was still quoted up by 9 paise to 54 rupees 76 paise per dollar in the late morning trade on mild selling of dollars by banks and exporters ahead of the Reserve Bank's mid-quarter monetary policy review meeting. Earlier the rupee resumed higher at 54 rupees 72 per dollar as against the last closing level of 54.85 per dollar on selling of dollars by banks in view of persistent foreign capital inflows into equity market. However, it trimmed its initial gains and was quoted at 54 rupees 76 paise on renewed dollar demand from banks on the back of higher dollar in overseas market.