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Indian rupee strengthened against the US dollar on Friday, on weaker dollar following by the first interest rate cut by Federal Reserve since early 2020. The US Federal Reserve cut its benchmark interest rates by half a percentage point or 50 basis points, amid signs that inflation was moderating and the labor market was weakening. Further, firm domestic equity market supported rupee sentiments, despite some outflow of foreign funds. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,547.53 crore, exchange data showed. Rupee improved further on lower crude oil price in international markets.

The partially convertible currency is currently trading at 83.54, stronger by 11 paise from its previous close of 83.65 on Thursday. The currency touched a high and low of 83.6300 and 83.5250 respectively.