The current in a conductor is measured by exploiting the Faraday effect in a sensing fiber. The light returning from the sensing fiber is split into at least two parts, at least one of which is analyzed by a first circular analyzer for generating a first signal. A second part may e.g. be analyzed by a second circular analyzer, and a third part may be analyzed by a linear analyzer. By combining the signals obtained in this way, the current induced phase delay in the returning light can be measured efficiently and accurately.