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.