The rupee failed to maintain initial gains against the the US dollar by slipping six paise to 58.83 per dollar on renewed demand from banks and importers in view of sustained foreign capital outflows. The rupee resumed higher at 58.74 per dollar as against the last closing level of 58.77 per dollar at the Interbank Foreign Exchange Market and firmed up further to 58.62 on selling of dollars by banks on the back of lower dollar in overseas market. However, it failed to maintain early gains and dropped to 58.91 per dollar on renewed dollar demand from banks before quoting at 58.83 per dollar at 1040 hrs.