The rupee recovered smartly by 15 paisa to 46.53/54 against the greenback in early trade on Friday on exporters dollar sales amid subdued local stocks.

The domestic currency resumed weaker at 46.74/75 a dollar against its last close of 46.68/69 a dollar but later bounced to 46.53/54 a dollar in late morning deals.

Dealers at the Interbank Foreign Exchange (forex) market said the rupee recovered its early losses and even advanced further as exporters sold dollars in early trade.

The local currency drew support from absence of any month-end dollar demand from oil refiners.

Dollar, however, strengthened further in Asian markets this morning.

Indian benchmark Sensex was trading 37 points lower at 1026 hours while Asian markets were subdued this morning.