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The Indian rupee strengthened against the US dollar on Thursday tracking weakness in the American currency overseas and foreign fund inflows into the Indian capital market. Foreign institutional investors bought equities worth Rs 77 crore on a net basis on Wednesday, according to exchange data. Rupee improved further as the US-India trade talks made modest progress with tariff deadline extensions on select Indian exports offering short-term relief, even as the 10% baseline tariff imposed by America remains in place. 

The partially convertible currency is currently trading at 85.56, stronger by 17 paise from its previous close of 85.73 on Wednesday. The currency touched a high and low of 85.6375 and 85.5475 respectively.