The rupee trimmed initial gains against the US dollar on wednesday morning amid selling of the American currency by banks and exporters and capital inflows from foreign funds as well as a weak dollar in the overseas forex market. The rupee opened higher at 52.96 per dollar as against the last closing level of 53.13 at the Interbank Foreign Exchange Market and firmed up further to 52.90.However, it trimmed initial gains and was quoted at 53.03 per dollar in late morning deals. The rupee moved between 52.90 and 53.07 per dollar during the morning deals. In New York market, the US dollar shed gains yesterday, as the euro regained.