The midfield playmaker has been out since August 23 following a nasty injury which left him on crutches.
Lowry was playing for Rangers B in the SPFL Trust Trophy when he was on the end of a strong challenge from Dumbarton’s Ally Love.
The 19-year-old had netted a hat-trick in what would be a 7-0 when he was hacked down.
Lowry was spotted with a knee brace and crutches with concerns he would face a lengthy spell on the sidelines.
The diagnosis was not as bad as first feared and he is stepping up his recovery.
The player shared a post on social media with the message “boots back on”.
Regarded as one of the best young talents in Scotland, the challenge from Love sparked plenty of condemnation for the Dumbarton player.
Yet to feature for the Rangers first team this season, Lowry is contracted until 2025.