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At 9:03 a.m., the partially convertible rupee was at 48.61/62 per dollar, above Tuesday's close of 48.81/82.
The dollar was up against a basket of currencies ahead of US jobs data and rate decisions by the European Central Bank and Bank of England.
By 0312 GMT, Japan's Nikkei average was up more than 2 per cent and the Hang Seng index rose 2.3 per cent. Nifty index futures in Singapore was up 1 per cent, indicating a higher start on the local market.
Foreigners have pulled more than $1 billion from Indian shares this year, but a recovery in stocks could turn the tide.
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