Mumbai, June 11: The rupee pared its initial gains, still trading higher by 12 paise to 67.38 against the American currency in late morning deals following sustained selling of dollar from banks and exporters amid higher local equities. Traders awaiting the key macro-events consumer price index (CPI)-inflation and index of industrial production (IIP) data tomorrow. The rupee resumed slightly higher at 67.48 against last Friday's closing level of 67.50 at the inter-bank foreign exchange here.

Later, the domestic unit strengthened further and moved in the range of 67.33 and 67.48 per dollar during morning deals, it was quoting at 67.38 at 1030 hrs.

'Higher domestic equities is lifting the rupee sentiment, dealer said. Meanwhile, the US dollar mostly mixed against its major peers in early Asian trade, the yen ticked higher while the Canadian dollar fell modestly after US President Donald Trump threw the G7s efforts to show a united front into disarray though the market reaction was relatively muted. The 30-share BSE Sensex trading higher by 160.75 points or 0.45 percent at 35,604.42 at 1050 hrs.