Extending gains for the fourth straight session, the rupee on Friday rose by 15 paise to 54.42 against the dollar at the Interbank Foreign Exchange market on continued selling of the US currency by exporters and banks. Forex dealers said a higher opening in the domestic equity market and strengthening of euro, which gained 1.5% against the dollar overseas after European Central Bank chief Mario Draghi made upbeat remarks about the euro-zone's economic outlook, supported the rupee.

The rupee had gained 18 paise to close at one-week high of 54.57 against the US currency on Thursday.

Meanwhile, the BSE benchmark index Sensex rose 176.25 points, to 19,839.80 or 0.89% in early trade on Friday.