The rupee lost its initial gains but was still up by 16 paise to 55 rupees 57 paise against the dollar in late morning deals on selling of the American currency by banks and capital inflows from foreign funds into the equity market. The domestic currency rose by 24 paise to trade at 55 rupees 49 paise against the dollar in early trade today. The rupee had edged up by two paise to close at 55.73 against the dollar in the previous lacklustre session on Friday.