Moving in line with equity market, the rupee recovered 38 paise to 54 a dollar in late morning trade today on fresh selling of the American currency from banks and exporters amid expectations of more foreign capital inflows. The rupee today recovered by 30 paise to 54.08 against the US dollar in early trade. It moved between 54 and 54.20 a dollar in the morning deals.The local unit yesterday had depreciated by a hefty 37 paise to close at nearly one-week low of 54.38.