The rupee declined by a hefty 24 paise to 55.34 in early trade today at the Interbank Foreign Exchange market on strengthening of the American currency overseas and increased dollar demand.Forex dealers said besides dollar's gains against euro and other currencies in the overseas markets, increased dollar demand from importers and some banks also put pressure on the domestic currency.They, however, said a higher opening in the stock market capped the rupee's losses.