Mumbai: The Indian rupee on Monday strengthened for the ninth consecutive sessions, marking its longest winning streak in over five and half year, against the US on continued buying from foreign investors in the local equity and debt markets.

Gains in the Asian currencies markets on weaker-than-expected US wage growth damped expectations for a Fed rate increase next month, also supported the domestic currency.

The home currency closed at 67.22, up 0.15%, marking its longest streak since an nine-session rally to June 2011, from its previous close of 67.32. The local currency opened at 67.21 a dollar and touched a low of 67.17—a level last seen on 11 November 2016.

Traders are also cautious ahead of an event-heavy week. The Reserve Bank of India (RBI) will meet on Wednesday for its bi-month policy. Seven out of 10 bank economists polled by Mint expect the RBI to cut its repo rate by 25 basis points to 6%. The other three expect the repo rate to remain unchanged.

The government will issue index of industrial production (IIP) data on Friday. According to an Bloomberg analyst poll, IIP will be at 1.4% in December from 5.7% a month ago.

India’s benchmark Sensex index rose 0.7% or 198.76 points to closed at 28,439.28. So far this year, Sensex has risen 6.8%.

India’s 10-year bond yield ended at 6.414% from its Friday’s close of 6.409%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has gained 1.05%, while foreign institutional investors (FIIs) have bought $111.40 million from local equity and sold $247.20 million in debt markets.

South Korean won was up 0.86%, Philippines peso 0.51%, Taiwan dollar 0.5%, Indonesian rupiah 0.17%, Japanese yen 0.15%, China renminbi 0.07%. However, China Offshore down 0.08%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.842—up 0.08% from its previous close of 99.87.