The rupee failed to retain initial gains but was quoting steady at 53.69 against the US dollar today on the selling of the American currency by banks and exporters amid sustained capital inflows from foreign funds into equity market. It resumed flat at 53.70 a dollar at the Interbank Foreign Exchange (Forex) Market, but firmed up immediately to 53.60 on some dollar demand from banks on the back of higher dollar in overseas.However, it failed to maintain its gains and was quoted at 53.69 a dollar at 1040 hrs.