Earlier, the rupee resumed sharply higher at 54.40 a dollar at the Interbank Foreign Exchange (Forex) Market.
Later, some American currency demand from importers led the rupee to 54.54 before quoting 54.51 a dollar at 1100 hrs.
The rupee had gained 18 paise to close at one-week high of 54.57 against the US dollar yesterday.
Firm local equities and subdued dollar overseas is supporting the rupee sentiment, dealers said.
In New York market, the dollar dropped against the basket currencies after European Central Bank President Mario Draghi lowered hopes that a euro-zone interest-rate cut will be coming soon.
Meanwhile, the BSE benchmark 30-share index, Sensex, was trading up by 88.21 points or 0.45 per cent quoting 19,756.88 at 1115 hrs.
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