The rupee fell by 19 paise to Rs 54.05 in early trade today at the Interbank Foreign Exchange, due to dollar demand from importers.
Forex dealers said a lower opening at the domestic equity market also put pressure on the rupee.
The rupee had gained 31 paise to close at over one-week high of Rs 53.86 in yesterday's trade on sustained dollar selling by exporters.
Meanwhile, the BSE benchmark Sensex fell by 75.34 points, or 0.39 per cent, to 19,256.35 in early trade today.
