Dollar climbs after Fed minutes India's rupee and the Indonesian rupiah remained the least loved of the emerging markets currencies on Thursday with the rupee hitting a new low against the dollar. The US currency made broad gains after minutes from the Federal Reserve's August meeting shed no new light on when the easing off of asset purchases was likely to start. The Federal Reserve said the timing and scale of its so-called tapering remained data dependent, leaving most market analysts believing it would start in the next couple of months. "We expect the dollar recovery to gain momentum as the Fed minutes did little to push back against market expectations of September tapering," said Hans Redeker at Morgan Stanley. The dollar rose 1.4 per cent against India's rupee to Rs65.03, having earlier hit a fresh record high of Rs65.56, as foreign investors continued to head for the exits. Foreign institutional investors have sold $1.3bn of Indian government and corporate bonds so far this month. Indonesia's rupiah fell 0.3 per cent to Rp10,790, while Malaysia's ringgit and Thailand's baht also joined in the selling, down 0.6 per cent to M$3.3080 and 0.6 per cent to Bt32.01 respectively. In Europe, better than expected purchasing manager data did little to lift the single currency. The composite index of German manufacturing and services rose to 53.4 in August from 52.1 in the previous month. A reading above 50 indicates expanding economic activity. "It looks as if new growth hopes for the rest of the eurozone are stimulating German confidence, which in turn could lead to higher German economic growth and could eventually become growth supportive for the eurozone," said Carsten Brzeski at ING. The euro was flat against the dollar at $1.3356, but climbed 0.5 per cent to £0.8570 against the pound. The pound was down 0.5 per cent to $1.5582 against the dollar, while Japan's yen fell 0.8 per cent to Y98.39 versus the US currency.