Rupee is trading at 63.66 against dollar in early trade on mild selling of US currency by exporters amid a higher opening in domestic equity markets.

Mumbai: The rupee recovered by 5 paise to 63.66 against the dollar in early trade on Wednesday on mild selling of the US currency by exporters amid a higher opening in domestic equity markets.

Currency traders said weakness in the dollar against major global currencies overseas supported the rupee.

On Tuesday, the rupee had dropped sharply by 20 paise to end at a fresh one-week low of 63.71 against the US currency following steady uptick in dollar demand from importers and banks amid surging crude prices.

Meanwhile, the benchmark BSE Sensex rose by 122.44 points or 0.35 per cent to trade at new lifetime high of 34,565.63 while the NSE Nifty was up 18.50 points, or 0.17 per cent to 10,655.50 in early trade.