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Indian rupee strengthened against the US dollar in early trade on Friday tracking firm domestic equities after data showed the US economy grew faster than expected in second quarter, while investors are awaiting the US personal consumption expenditures (PCE) data which could confirm early interest rate cut expectations. However, some gains were limited by foreign fund outflows from capital markets following the government's decision to hike the tax rate on capital gains. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,605.49 crore, exchange data showed.

The partially convertible currency is currently trading at 83.72, stronger by 6 paise from its previous close of 83.78 on Thursday. The currency touched a high and low of 83.73 and 83.69 respectively.