The rupee recovered after initial losses in late morning trade and was steady at 53 rupees 28 paise against the US Dollar on mild selling of dollars from banks and exporters on the back of persistent capital inflows from foreign funds. Earlier, the rupee had resumed lower at 53 rupees 40 paise per dollar as against the last closing level of 53 rupees 28 paise per dollar on the Interbank Foreign Exchange Market on good dollar demand from banks and importers due to higher dollar in overseas market.