The rupee rose by 14 paise to 54 rupees 40 paise against the dollar in early trade today at the Interbank Foreign Exchange market on continued selling of the US currency by exporters and banks.A higher opening in the domestic equity market and strengthening of euro supported the rupee. The rupee had closed at 54 rupees 54 paise against the dollar yesterday after the ruling government's victory in Parliament over FDI in multi-brand retail sector.