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Indian rupee strengthened against the US dollar on Thursday, despite volatility in the market following Interim Budget presenting by Union Finance Minister Nirmala Sitharaman. Foreign Institutional Investors were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 1,660.72 crore, exchange data showed. However, rupee gains were limited by the strength of the American currency at overseas market after US Federal Reserve Chair Jerome Powell pushed back on the idea of a first US interest rate cut as soon as March.

The partially convertible currency is currently trading at 82.96, stronger by 8 paise from its previous close of 83.04 on Wednesday. The currency touched a high and low of 83.03 and 82.93 respectively.