The rupee gained a hefty 71 paise to trade at two-month high of 54.72 against the dollar in early trade today at the Interbank Foreign Exchange as the American currency weakened against euro overseas. Dollar selling by exporters and banks amid a strong opening in the domestic equity market also supported the local unit, forex dealers said. They said, the government's decision to hike diesel prices by Rs 5 per litre yesterday, which would help bringing down the fiscal deficit, was another positive factor.The rupee had lost 22 paise yesterday to close at 55.43 against the dollar on fresh demand for the American currency from banks and importers.