The rupee hit a one-week high of 73.62 against the US dollar after a higher opening on Friday, reported news agency Reuters. Earlier in the day, the rupee had strengthened by 38 paise to 73.74 against the US dollar in the forex market after global crude prices eased, reported news agency Press Trust of India (PTI).
Besides, dollar-selling by exporters and banks, the greenback's weakness against some currencies overseas, helped the recovery in the domestic currency.
Brent crude fell 3 per cent to trade at 80.37 a barrel in the global market.
Forex dealers said a higher opening in the equity market also supported the rupee's sentiment. The local unit, after hitting a record low of 74.50 Thursday, recovered 9 paise to end at 74.12 against the dollar.
Meanwhile, the BSE benchmark Sensex rebounded 377.12 points, or 1.11 per cent, to 34,378.27 in opening trade.
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