The rupee pared initial losses and showed a slight recovery of 5 paise trading at 88.63 against the US dollar in early trade on Friday (November 21) on the back of lower crude oil prices overseas and foreign capital infusion in domestic stocks.

The local currency, however, remained under pressure tracking a firm greenback and negative cues from domestic equity markets, forex traders said.

At the interbank foreign exchange market, the rupee opened at 88.67 and gained some ground to trade at 88.63 against the US dollar in initial deals, up 5 paise from its previous closing level.

On Thursday (November 20), the rupee depreciated 20 paise to close at 88.68 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.01%

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