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Indian rupee strengthened against the US dollar on Friday tracking weakness in the American currency. Further, hopes for a rate cut from the Federal Reserve in September also supported rupee sentiments. However, a surge in crude oil prices amid growing Middle East tensions and foreign fund outflows from the capital market have restricted the up-move. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 2,626.73 crore on Thursday, exchange data showed. Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Investors are now awaiting US CPI data, India CPI, WPI and IIP data and India's trade data, all to be released next week.

The partially convertible currency is currently trading at 83.89, stronger by 8 paise from its previous close of 83.97 on Thursday. The currency touched a high and low of 83.95 and 83.89 respectively.