MUMBAI : Indian rupee on Thursday closed at a seven-week high against US dollar amid strong buying by foreign institutional investors in local equity markets. The rupee ended at 70.75 a dollar - a level last seen on 11 January, up 0.70% from its previous close of 71.24. The home currency opened at 71.26 a dollar and touched a high of 70.72 a dollar.

Foreign investors have bought nearly $2.22 billion in equities in last three sessions. So far this year, FIIs have bought $2.23 billion in equities. However, they remained net sellers in bond markets with $1.01 billion.

Traders also awaiting gross domestic product data, due after 5.30 pm today. According to Bloomberg, India’s GDP growth likely slowed further in Q3 fiscal 2019, pressured by a lagged impact of an tight monetary policy in the previous quarters. Bloomberg estimates GDP expanded 6.6% year on year in Q3 fiscal 2019, down from 7.1% in fiscal Q2 and 8.2% in fiscal Q1.

The 10-year bond yield was trading at 7.409%, from its Wednesday's close of 7.474%. Bond yields and prices move in opposite directions.

India's benchmark Sensex Index fell 0.11% to 35867.44 points. Year to date, it is down 0.45%. (With Agency Inputs)