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The Indian rupee opened higher by 14 paise at 74.13 per dollar on Tuesday versus 74.27 yesterday.
The Indian rupee continued its downward spiral and plunged 50 paise to 74.27 against the US dollar on Monday as concern over the economic fallout from the coronavirus pandemic outweighed the US Fed's emergency interest rate cut and the RBI's liquidity enhancing measures.
"Various central banks have cut rates and pumped in liquidity to help their economies combat the economic damage amid the coronavirus crisis. This may provide some support to the rupee at least for the immediate short term. So, as long as the support of 74.50 mark holds, some recovery may be seen where it can appreciate towards 73.80-73.50 mark."
Gold prices inched lower on Tuesday, following a meltdown in precious metals last session, as investors continued to sell assets across markets to keep their money in cash amid heightened panic over the coronavirus pandemic.
Oil prices rose more than USD 1 as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand.