The rupee failed to maintain its initial gains and was down by 5 paise to 48 rupees 74 paise against the dollar in late morning trade.

The fall is attributed to mild demand from banks and importers on the back of higher dollar in Asian market.

After closing 46 paise higher at over three-month high of 48 rupees 69 paise in the previous session on Friday, the domestic currency appreciated by 9 paise in early trade today, to trade at 48 rupees 60 paise against the dollar.