The Indian rupee staged a recovery in the afternoon session on Friday, trading 36-paise higher against the US-dollar, after the Reserve-Bank stepped in to maintain sufficient liquidity in the panick-stricken currency market. Seeing the heavy-rush for the US-dollar among participants, the RBI announced liquidity measures such as buy-sell swap of USD 2-billion to increase dollar availability with banks and ease pressure on the rupee.

The Indian rupee dropped to a record low on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens. The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic while the euro nursed losses after the European Central Bank disappointed by not cutting rates.

The Indian rupee has recovered from the low but still trading lower by 35-paise at 73.68/dollar amid huge selling seen in the domestic equity market. Rupee opened lower by 61-paise at 73.94/dollar versus previous close 73.33. It touched an intraday low of 74.08/dollar. The Sensex was down 1,233.25-points or 3.21% at 37237.36, while Nifty was down 372.90-points or 3.31% at 10896.10.