The rupee recovered by 12 paiseto 61.18 against the dollar in early trade today at the Interbank Foreign Exchange following dollar selling by exporters and banks. A higher opening in the domestic equity market and a weak dollar against some currencies overseas also supported the gain in rupee.The rupee had tumbled 53 paise to a fresh closing low of 61.30 against the dollar in yesterday's trade on renewed dollar demand from imoprters and bearish local stocks.