The rupee ruled firm in late morning trade by gaining 17 paise to 53.92 rupees against the American currency on fresh selling of dollars by banks due to persistent capital inflows from foreign funds into equity market. Renewed selling of dollars by banks and exporters in view of sustained capital inflows from foreign funds mainly boosted the rupee value against the dollar.The rupee had lost 23 paise to end at 54.09 in yesterday's trade due to month-end dollar demand.