Erasing its early gains, the rupee today fell by four paise to 54.32 in late morning trade due to good dollar demand from importers amid weak local equity market. The rupee resumed lower at 54.35 per dollar as against the last closing level of 54.28 at the Interbank Foreign Exchange Forex Market. It moved down further to 54.36 before quoting 54.32 per dollar at 1050 hrs. It moved in a range of 54.26 and 54.36 per dollar during the morning deals.