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Indian rupee strengthened against the US dollar in early trade on Thursday after the American currency weakened in the overseas markets as the US Federal Reserve signalled a rate cut next year. Meanwhile, the US Federal Reserve left its key interest rate unchanged for a third time in a row at 5.25% - 5.50%, in line with market estimates. Moreover, Foreign Institutional Investors were net buyers in the capital market on Wednesday as they bought shares worth Rs 4,710.86 crore, exchange data showed.

The partially convertible currency is currently trading at 83.33, stronger by 7 paise from its previous close of 83.40 on Wednesday. The currency touched a high and low of 83.3375 and 83.2725 respectively.