Stocks rose Friday and some Asian currencies rebounded after the Federal Reserve said it would provide billions of dollars at near-zero rates to central banks grappling with dollar shortages in many parts of the world.

South Korea’s Kospi soared and closed more than 7% higher after a massive sell-down a day earlier. Hong Kong’s Hang Seng gained more than 4%, while the Shanghai Composite Index closed 1.6% higher.

The…

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