The rupee today strengthened by 15 paise to 54.34 against the dollar in early trade at the Interbank Foreign Exchange, on selling of the US currency by exporters and banks and strong capital inflows.Forex dealers said, besides a higher opening in the domestic equity market and continued capital inflows, strengthening of the euro against the dollar overseas also supported the rupee.The rupee had bounced back by 27 paise to end at a one-week high of 54.49 rupees against the US dollar yesterday as government delayed implementation of the controversial GAAR and a fall in wholesale inflation for December boosted rate cut hopes.