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Indian rupee strengthened against the US dollar on Thursday as the US currency retreated from its elevated levels, while eased Middle East tensions also supporting rupee sentiments. Meanwhile, investors are awaiting speech from US Fed Chair Jerome Powell on the central bank's future policy path. Although, sustained foreign fund outflows limited further gains in rupee. Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 84.55 crore, exchange data showed.

The partially convertible currency is currently trading at 83.27, stronger by 3 paise from its previous close of 83.30 on Wednesday. The currency touched a high and low of 83.2750 and 83.2575 respectively.