Besides, euro's weakness against the dollar overseas on renewed worries about Greece's debt crisis and today's US Presidential elections also put pressure on the local unit, forex dealers said.
The rupee had plunged by 80 paise yesterday to close at over eight-week low of 54.61 on massive dollar demand from banks and importers amid a sharp rise in the American currency overseas.
Meanwhile, the BSE benchmark Sensex rose by 48.09 points, or 0.25 per cent, to 18,810.96 in early trade today.