After plunging to a record low in yesterday, the rupee recovered 29 paise to trade at 54 rupees 20 paise against dollar in the late morning trade today.The recovery was backed by fresh selling of the American currency by banks and exporters amid firm equity market.The dollar weakened slightly against the rupee despite quoting higher against other currencies in the overseas market. The rupee resumed stronger this morning at 54 rupees 40 paise against the last closing level of 54.50 per dollar. The rupee had plunged against the US dollar to a historic low of 54.56 before closing at 54.50 in yesterday's trade, the lowest closing ever.