The Indian rupee recovered by three paise to quote 54.66 rupees against the American currency in late morning trade today on renewed selling of dollars by banks and exporters amid sustained foreign capital inflows.The rupee resumed lower at 54.73 rupees per dollar as against the last closing level of 54.69 rupees on the Interbank Foreign Exchange (Forex) Market.It dropped further to 54.78 rupees on some dollar demand from banks on the back of higher US currency in overseas market.However, it recovered afterwards to 54.64 rupees, before quoting at 54.66 rupees on fresh selling of dollars following recovery in the equity market.