Dealers attributed the rupee's fall to dollar gains against the euro overseas and sustained demand for the American currency from importers.
They said, however, a higher opening of the domestic equity market capped rupee's losses.
The rupee had gained 33 paise to touch a three-week high against the dollar at 54.35 in yesterday's trade on firm foreign fund inflows, after US lawmakers passed a bill which has averted the 'fiscal cliff'.
Meanwhile, the BSE benchmark Sensex was higher by 27.16 points, or 0.14 per cent, at 19,741.40 in early trade today.
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