The rupee opened at its previous level of 62.36 at the interbank Foreign Exchange (Forex) market before gaining slightly to trade at 62.35.
However, it later fell to 62.40 on good bouts of dollar demand from importers before quoting at 62.38 at 1045 hours.
The rupee hovered in a range of 62.35 and 62.40 during the morning trade. Meanwhile, the benchmark 30-share Sensex was trading lower by 152.26 points, or 0.53 percent, at 28,647.43 in late morning trade.

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