Rupee opens 27 paise higher at 72.46 against dollar

The rupee opened 27 paise higher against dollar on Tuesday. The currency started at 72.46 per dollar on Tuesday versus Monday's close of 72.73. The rupee pared all its initial gains and settled down at 72.73 against the dollar on Monday after two fresh cases of coronavirus were reported in India.

Global shares and oil prices, meanwhile, extended their rebound on Tuesday on mounting speculation policymakers around the world would move to ease the economic fallout from the spreading coronavirus. The European Central Bank on Monday joined the chorus of central banks signalling a readiness to deal with the growing threats from the outbreak.

Earlier messages from the US Federal Reserve that it was prepared to act weighed on dollar against a basket of currencies.