The rupee rose by 4 paise to 54.18 against the dollar in early trade at the Interbank Foreign Exchange market today on increased selling of the US currency by exporters.
Strengthening of the euro against the dollar overseas, also supported the rupee.
The rupee had gained 16 paise to close at 54.22 against the dollar in yesterday's trade. The rupee has been gaining ground after a significant fall in gold prices and crude oil, on hopes that it would help reduce the current account deficit.
A drop in the current account deficit would help a recovery of the rupee. Despite sustained foreign fund flows, the rupee has not gained significantly over the last few months.
With inputs from PTI
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