Rupee today surrendered its initial gains and ruled steady at 54 rupees 26 paise against the American currency in the late morning trade. The fall was led by mild dollar demand from banks despite weakness of dollar in overseas market. The rupee resumed lower at 54 rupees 29 paise per dollar as against the last closing level of 54 rupees 26 paise per dollar. But firmed up immediately to 54 rupees 22 paise per dollar on selling of dollars by banks in view of persistent foreign capital inflows into equity market.However, it failed to maintain earlier gains and was quoted steady at 54 rupees 26 paise per dollar at .