The Indian rupee is likely to extend gains in opening trades on Thursday tracking weakness in greenback overseas and positive cues coming in from global equities. Dollar continues to stay weak after Fed announced it's widely expected decision to once again leave interest rates unchanged, but projections signaled the central bank is still likely to lower rates later this year. With regard to the outlook for rates, Fed officials still forecast rates in a range of 3.75 to 4.0 percent by the end of the year. Yesterday, rupee appreciated for the fourth straight session and climbed by 19 paise to close at 86.37 against the US dollar supported by a positive trend in domestic equity markets and lower global crude oil prices. Indian shares edged up slightly on Wednesday despite mixed cues from global markets amid optimism surrounding a potential Russia-Ukraine truce and ahead of the Federal Reserve policy decision. The benchmark S&P/BSE Sensex moved in a narrow range before ending the session up 147.79 points, or 0.20 percent, at 75,449.05. The broader NSE Nifty index edged up by 73.30 points, or 0.32 percent, to 22,907.60.

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