Asian stock markets were on course for their best week in months and the dollar held off recent record highs after the European Central Bank (ECB) raised rates for the first time in more than a decade and bets on the size of US rate hikes eased.

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Japan's Nikkei rose 0.24 percent on Friday and was on course to make gains for a seventh successive day. It's likely to be the index's best week since March.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.03 percent, but the index is still set for its best week in about two months. The euro was trading at $1.01 and on course for its biggest weekly rise against the dollar since late May, after having dipped below parity last week.

Also Read: Wall Street edges higher, euro up after ECB rate hike

The ECB raised interest rates by a bigger-than-expected 50 basis points to zero percent overnight, its first hike in 11 years and ending a policy of negative interest rates that had been in place since 2014.

"While the ECB was never going to move by more than 50 bps as we have seen from many other central banks – the 50 bp lift still came as a surprise to many," said Susan Kilsby, an economist at ANZ, in a note. "But tightening rates quickly has now become the norm."

Hong Kong's Hang Seng index was up 0.14 percent, extending gains made the previous day after China's cybersecurity regulator fined Didi Global Inc $1.2 billion, potentially signalling an end to the regulatory crackdown and clearing a path for the ride-hailing giant to list in Hong Kong.

Tech companies are likely to weigh on US stocks today, with Nasdaq futures down 0.68 percent after Snap Inc's poor earnings release sounded the alarm among investors.

Also Read: Oil prices steady after sharp declines on weak US demand

Snap's accompanying warning of the effect of an economic slowdown on internet companies caused the share price to plummet nearly 27 percent in after-hours trade. Twitter Inc will release its earnings later today.

Leading cryptocurrency Bitcoin was down 0.48 percent at $23,017.15 on Friday but is up more than 10 percent on the week, which would be its best result since March.

Oil prices rose Friday and looked set for their first weekly gain in more than a month. Brent crude futures were up 1.53 percent to $105.45 a barrel, and US WTI crude futures rose 1.45 percent to $97.75.

The US Federal Reserve meets to set interest rates next week and expectations of a 100 bp hike have faded in favour of pricing for a 75 bp move.

(Edited by : Sangam Singh)