The rupee showed signs of recovery on the back of a strong equity market, as it gained about five paise against the US currency during morning trading.
In a quiet trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed firm at 39.46/48 a dollar from Wednesday's close of 39.5450/5500 a dollar, but later trimmed gains at 39.49/50 per dollar in late morning deals. It swung in a range of 39.46 and 39.53 in early trade.
The rupee continued to move in line with the stock market, which spurted by 284 points on Thursday after a mayhem of sorts at BSE a day before when the benchmark Sensex nosedived by 1743 points in early morning trade.
The local unit drew support from firm stock market despite provisional numbers indicating heavy FII pullout on Wednesday.