The Indian rupee opens 22 paise higher against dollar. The rupee started at 74.77 per dollar against previous close of 74.99. On Thursday, rupee had settled on a record low note as investors braced for a coronavirus-led economic recession.
Meanwhile, Asian shares staged a rare rally on Friday as Wall Street eked out gains, bonds rallied and oil boasted its biggest bounce on record, though the panicked rush into US dollars suggested the crisis was far from done. MSCI's broadest index of Asia-Pacific shares outside Japan rose 3.2 percent, after seven sessions of losses.
As the spread of the coronavirus brought much of the world to a halt, nations have poured ever-more-massive amounts of stimulus into their economies while central banks have flooded markets with cheap dollars to ease funding strains.
Aiding sentiment was a 25 percent rally in oil prices overnight. US crude added another 26 cents to $26.17 a barrel on Friday, up from a low of $20.09, while Brent crude stood at $28.25.
This was a major relief as the collapse of crude prices had blown a huge hole in the budgets of many oil producers and forced them to dump any liquid asset to raise cash, with US Treasuries a particular casualty.
(With inputs from Reuters)
First Published: IST