The rupee erased initial gains and was quoting steady at 54.36 against the dollar today on freshdemand for the American currency from banks as it strengthened in the overseas forex markets. The rupee resumed stronger at 54.30 a dollar as against the last closing level of 54.36 at the Interbank Foreign Exchange Market. It moved between 54.27 and 54.37 before quoting at yesterday's closing level at 1040 hrs.In New York, the dollar extended gains for the second day yesterday amid concerns over the US 'fiscal cliff' and Europe's debt crisis, which pulled down the euro.