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The Indian rupee strengthened against the US dollar on Friday, followed by strong foreign fund inflows, firm domestic equity markets and easing concerns about Middle East tensions. Foreign institutional investors bought equities worth Rs 12,594.38 crore on a net basis on Thursday, exchange data showed. Rupee improved further amid expectations of a Federal Reserve rate cut in September, and possibly earlier. Although, a rise in global crude oil prices and a slightly stronger American currency have capped further gains in the rupee.

The partially convertible currency is currently trading at 85.61, stronger by 11 paise from its previous close of 85.72 on Thursday. The currency touched a high and low of 85.6550 and 85.46 respectively.