Erasing initial gains, the rupee today lost 14 paise against the dollar in the late morning trade due to fresh demand for the US currency from banks and importers amid strong global cues. The rupee resumed slightly lower at 53 rupees 72 paise per dollar as against the last weekend's level of 53 rupees 71 paise but immediately firmed up to 53.65 on selling of US dollar by banks in view of persistent forign capital inflows into equity market. However, it declined afterwards to 53 rupees 85 paise per dollar on some dollar demand from banks and importers.