The Indian rupee continued its early rally against the U.S. dollar in evening deals on Thursday, as the Fed Reserve's assurance that it is in no hurry to raise short-term interest rates until at least the spring eased fears over potential capital outflows.

Regional stocks also ended higher, with the benchmark S&P BSE Sensex closing up 416.44 points or 1.56 percent at 27,126.57. The broader CNX Nifty index soared 129.50 points or 1.61 percent to finish at 8,159.30.

The rupee climbed to a 2-day high of 63.1155 against the greenback, compared to yesterday's closing value of 63.66. The rupee is likely to face resistance around the 62.00 mark.

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