The Indian Rupee is likely to open stronger against the dollar on firm risk appetite following news on progress towards an effective coronavirus vaccine.

The rupee is expected to be quoted at “just above 74” in early trades compared with last close of 74.17.

After Joe Biden crossed the Electoral threshold required to win the U.S. Presidential elections, the rupee climbed above 74 yesterday. However, amid intervention by the Reserve Bank of India the currency was unable to maintain the move above 74.

After Pfizer Inc. said its coronavirus vaccine, developed along with Germany’s BioNTech, was more than 90% effective in preventing infection compared with a placebo in a large-scale clinical trial, equity gauges of Japan, Australia, and Hong Kong were up more than a percent each.

Pfizer’s announcement comes amidst U.S. and Europe having to contend with a spike in coronavirus infections. An effective vaccine could ease fears that the new lockdown in Europe could derail the global economic recovery.

Asian currencies were mostly up. The onshore Chinese yuan, the Indonesian rupiah and the Thai baht advanced at least 0.2% each.