The rupee gave up some early gains today but was still 16 paise up at 55.57 against the dollar on selling of the American currency by banks and capital inflows from foreign funds into the equity market.

The dollar also lost some ground against other currencies in the overseas forex markets.

The rupee resumed higher at 55.55 per dollar as against the last weekend's level of 55.73 per dollar at the Interbank Foreign Exchange (Forex) Market and moved between 55.61 and 55.49 before quoting at 55.57 at 1040 hrs.

In New York, the euro made slight gains against the dollar yesterday, after the European Central Bank called "misleading" a news report that it was planning to cap government-bond yields in the euro zone.

Meanwhile, the BSE 30-stock index, Sensex, resumed higher at 17,705.14 and was up 86.04 points or 0.49% at 17,777.12 at 1050 hrs.