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The rupee today gained seven paise to 54.80 against the dollar in early trade at the Interbank Foreign Exchange on increased selling of the US currency by exporters.
The local currency had lost 44 paise to hit one-month low of 54.87 a dollar yesterday due to heavy capital outflows.
Forex dealers said increased dollar selling by exporters helped rupee to trade a shade higher but the US currency's strength against euro and yen overseas and a lower opening the domestic equity market capped the gains to some extent.
Meanwhile, the BSE benchmark index Sensex fell by 46.72 points, or 0.25%, to 18,462.98 in early trade today.
