The rupee appreciated by 14 paise to 54.24 against the US dollar in early trade at the Interbank Foreign Exchange today on increased selling of the American currency by exporters.Strengthening of the euro against the dollar in overseasmarket and a higher opening in the equity market supported the rupee, forex dealers said.The rupee had lost 24 paise to close at 54.38 in the previous session on Tuesday's trade. Forex and money marketwere closed yesterday for 'Mahavir Jayanti'.