Indian rupee on Thursday strengthened against the US dollar tracking gains in other Asian currencies.

Rupee closed at 70.97 a dollar, up 0.03% from Wednesday's close of 70.99. The Indian unit had opened at 71.09 a dollar and touched a low of 71.12 — a level last seen on 18 October.

The yield on the 10-year Indian government bond was at 6.506% compared with its previous close of 6.492%.

In the year so far, the rupee has weakened 1.68%, while foreign investors have bought nearly $10.55 billion in Indian equities and $5.10 billion in debt.

The benchmark Sensex Index gained 0.45% to close at 40,653.74 points. Year to date, it has gained 12.71%.

Other Asian currencies traded higher. China Offshore gained 0.631%, China Renminbi was up 0.361%, Malaysian ringgit surged 0.327%, Philippines Peso jumped 0.246%, Indonesian rupiah gained 0.179%, Singapore dollar was up 0.177%, Taiwan Dollar surged 0.056% and Hong Kong Dollar jumped 0.038%. However, South Korean won lost 0.171%, Japanese yen fell 0.168% and Thai Baht slumped 0.147%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.846, down 0.11% from its previous close of 97.952.