The rupee today lost 17 paise to 53.98 against the dollar in early trade on the Interbank Foreign Exchange market due to appreciation of the US currency against other currencies overseas. Forex dealers said, increased demand for the dollar from banks and importers and weak local equities also put pressure on the rupee.The rupee had closed down by one paisa at 53.81 a dollar in yesterday's trade due to fresh dollar demand from importers amid firm global cues.