The rupee today lost 21 paise to 54 rpees 35 paise against the US dollar in early trade. The fall is attributed to appreciation of the American currencyagainst euro overseas.Increased demand for the dollar from importers also put pressure on the rupee.The rupee had closed 18 paise lower at 54 rupees 14 paise a dollar in yesterday's trade on fresh demand for the US currency.