Failing to maintain its initial upward momentum, the rupee on Monday slid by 13 paise to 55.03 against the dollar in late morning trade due to bouts of demand for the U.S. currency from banks and oil importers amid firm cues overseas.

The rupee had gained 17 paise in the early morning trade and was trading at 54.90.

The local currency resumed higher at 55 per dollar as against the previous closing level of 55.82 at the Interbank Foreign Exchange (Forex) Market. It traded in a range of 54.90 and 55.04 before quoting 55.03 at 1110 hrs.

A spurt of dollar demand from oil importers attributed the rupee sentiment, a dealer said.

In New York, U.S. dollar were trading higher paring some of its Friday losses as investors considered the outlook over Federal Reserve policy.

Meanwhile, the BSE benchmark index, Sensex, was trading lower by 4.77 points, or 0.02 per cent, at 19,784.08 at 1115 hrs.

More In: Markets | Business