In line with domestic equities, the rupee on Friday regained strength to close at 64.73 a dollar, advancing by a good 31 paise, amid indication that the US Federal Reserve may go slow on rate hikes. Besides, a heavy dollar unwinding by traders and exporters supported the rupee recovery.
Global currency and financial markets heaved a sigh of relief after a Fed official said in an interview that raising interest rates too quickly could slow the economy too much. The latest Fed policy-meeting minutes had cemented expectations of more aggressive US rate hikes this year.