The rupee rallied in trade once again as global cues were positive ahead of a crucial European Central Bank meeting. The rupee was last trading at 61.60 to the dollar, up 4 paise over Wednesday's close of 61.64.
It is widely expected that the European Central Bank would initiate quantitative easing methods to help deflation the ECB. This hopes has helped global markets rally, including the Indian Sensex which is now at a new record high. Dollar inflows from FIIs has also fuelled a rally in the rupee in the last few weeks.