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Indian rupee strengthened against the US dollar on Thursday amid a weak American currency against major rivals overseas after stronger than expected US retail sales data dashed market hopes of interest rate cut by the US Federal Reserve. Although, rising crude oil prices, foreign fund outflows and weak domestic equities limited further gains in rupee. Foreign Institutional Investors were net sellers in the equity market on Wednesday as they sold shares worth Rs 10,578.13 crore, exchange data showed.

The partially convertible currency is currently trading at 83.12, stronger by 2 paise from its previous close of 83.14 on Wednesday. The currency touched a high and low of 83.1825 and 83.1125 respectively