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Indian rupee strengthened against US dollar on Thursday tracking weakness in the American currency and bond yields as Federal Reserve Chair Jerome Powell maintained his baseline outlook that rates will fall later this year. However, some gains were limited by sustained dollar demand from local importers and elevated crude oil prices. Foreign Institutional Investors were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,213.56 crore, exchange data showed. Investors are remained cautious ahead of the Reserve Bank's rate-setting panel's decision to be announced on Friday. 

The partially convertible currency is currently trading at 83.44, stronger by 9 paise from its previous close of 83.53 on Wednesday. The currency touched a high and low of 83.46 and 83.4250 respectively.