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.