It dropped further to a low of 54.83 before quoting 54.75 per dollar at 1050 hrs. Fresh dollar demand from banks and importers mainly affected rupee value against the dollar, a forex dealer said. In New York market, the US dollar pared losses yesterday amid reports that cut into optimism that Washington lawmakers are close to a deal to avoid going over the fiscal cliff. The euro hit levels against the dollar last seen in April and notched a 17-month high against Japanese yen after a closely watched gauge of German business confidence rose more than expected in December. Meanwhile, the Indian benchmark BSE-30 index, Sensex, dropped by 115 points or 0.59 per cent to 19,361.81 at 1100 hrs.