The Indian rupee depreciated by 46 paise to a record low of 54 rupees 17 paise against the US dollar in early trade today. The domestic currency breached the 54 dollar-mark for the first time in history, on sustained foreign capital outflows and dollar gains against the euro and other rivals overseas. The domestic currency had tumbled by 48 paise to close at Rs 53.71 per dollar in the previous session. Forex dealers said, in addition to continued demand for the American currency from importers and some banks, dollar gains against the euro and other currencies, amid concerns over the euro zone debt crisis have put pressure on the Indian rupee.