The rupee continued to rule firm at 51 rupees 97 paise against the American currency in the late morning trade on persistent dollar selling by banks and exporters. The Indian currency earlier rose above 52 rupees level by gaining 28 paise to fresh five-and-half month high of 51.88 against the American currency in early trade. Later it depriciated at 9 paise and was quoted at 51 rupees 97 paise a short while ago. Meanwhile, in New York market, the dollar gained against the euro and rose further against the Japanese yen yesterday after a pair of US economic reports came in, better than expected.