The rupee opened strong against the greenback on Thursday, helped by a muted US dollar as traders focused their immediate attention on the European Central Bank’s (ECB) policy review.

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At 09:10 AM, the rupee was trading at 70.02 a dollar, up 26 paise from its Wednesday’s close of 70.28. The home currency opened at 70.09 and touched a high and a low of 70.01 and 70.11 a dollar, respectively.

Globally, the dollar edged lower after hitting a two-week high against its key rivals in the previous two sessions.

Some traders expect the ECB will indicate a delay in raising rates until next year and the central bank will soon re-launch long-term bank loans to fight an economic slowdown, reported Reuters.

The dollar index, which measures the greenback against a basket of six key rivals, remained untraded on Thursday after ending Wednesday at 96.873.

In commodity markets, oil edged up amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran.

Brent crude futures were at $66.36 per barrel, up 37 cents, or 0.6 percent.

Meanwhile, foreign portfolio investors (FPIs) purchased shares worth Rs 1,130.78 crore, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 878.45 crore Wednesday, provisional data showed.

In debt markets, the yields on the 10-year government bonds rose 0.15 percent to 7.39 percent from its previous close of 7.38 percent. Bond yields and prices move in opposite directions.