Paring most of early losses, the rupee was quoting down by three paise at 54.40 in the late morning deals today due to persistent dollar demand from importers amid weak local equity market. It moved in a range of 54.37 and 54.56 during the morning deals.In New York, the euro slipped below 1.29 against the dollar yesterday following reports that the parliament in Cyprus voted against a controversial plan to tax bank deposits as part of a bailout package.