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Indian rupee strengthened against the US dollar on Thursday, tracking firm domestic equities, foreign fund inflows and an active intervention by the Reserve Bank of India (RBI). Foreign Institutional Investors were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 1,755.00 crore, exchange data showed. Meanwhile, a bigger than expected increase in core US inflation strongly indicated a quarter-point rate cut in the upcoming week. However, some gains were limited by firm American currency at overseas markets.

The partially convertible currency is currently trading at 83.98, stronger by 1 paise from its previous close of 83.99 on Wednesday. The currency touched a high and low of 83.9850 and 83.97 respectively.