The Indian rupee is trading near to day's high level as it has extended morning gains by over 1 percent. It is trading 78 paise higher at USD 69.83 per dollar.

It gained past 70 mark for the first time since August 27 after opened higher by 51 paise at 70.11 per dollar.

It has appreciated by 6 percent from its all-time low of 74.48 per dollar tested in the month of October.

Rupee strengthened against the US dollar and extended gains in the latter half of the session ahead of the important preliminary GDP number that was released from the US. In the last couple of sessions rally in domestic equities is also supporting the rupee with FIIs also turning net buyers after remaining sellers in September and October, said Motilal Oswal.

This month until now FIIs have poured in around USD 900 million of funds in equity and debt segment keeping the momentum positive for the currency. Today, USD-INR pair is expected to quote in the range of 70.20 and 70.80, it added.