The rupee slipped to sub-54 level for the first time in its history in early trade today against dollar, but staged a smart recovery to settle seven paise higher at 53.64 after a highly volatile trade. The recovery could be due to Reserve Bank's intervention.The local currency swung wildly between 54.30 and 53.64, after slipping to sub 54-level in the opening trade itself at the Inter-bank Foreign Exchange. In tune with the fag-end recovery in the equity markets, the rupee reversed the trend to break the seven-day long losing streak on the back of sudden selling of dollars from banks and exporters.