The rupee today lost 34 paise to 54.35 in early trade at the Interbank Foreign Exchange, due to increased dollar demand from importers and appreciation of the US currency overseas.Forex dealers said a weak opening in the domestic stock market also put pressure on the local currency.The domestic currency had gained 34 paise to close at a two-week high of 54.01 on Friday on robust capital inflows and heavy selling of the American currency by exporters.