After plunging to a record low in yesterday's trade, the rupee recovered by 27 paise to trade at 54 rupees 23 paise against the dollar in early trade today. This follows selling of US currency by banks.Dealers said besides dollar selling by some banks and a higher opening in equity market, gains in the euro overseas against the American currency supported the rupee.The rupee had plunged against the dollar to a historic low of 54 rupees 56 paise before closing at 54 rupees 50 paise in yesterday's trade, a lowest closing ever.