The rupee today gained seven paise to 54.80 against the dollar in early trade at the Interbank Foreign Exchange on increased selling of the US currency by exporters.The local currency had lost 44 paise to hit one-month low of 54.87 a dollar yesterday due to heavy capital outflows.Meanwhile, the BSE benchmark index Sensex fell by 46.72 points, or 0.25 per cent, to 18,462.98 in early trade today.