At the inter-bank foreign exchange market, the rupee strengthened 24 paise to 54.19 against the dollar. The rupee climbed on selling of dollars by banks and exporters, after the US currency weakened against the euro and the yen, on expectations that under Obama, the US central bank would continue with its loose monetary policy. Expectations of persistent capital inflows from foreign funds into the domestic equity market also boosted the rupee against the dollar.