The Indian rupee trimmed its initial losses against the American currency but was still quoted down by 12 paise to 54.73 per dollar on persistent dollar demand from importers on the back of higher crude oil prices. The rupee resumed lower at 54.77 per dollar as against the last closing level of 54.61 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 54.80 per dollar before quoting at 54.73 per dollar at 1040 hrs.