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The Indian rupee strengthened against the US dollar on Thursday on weak crude oil prices and foreign fund inflows, despite dollar demand from foreign investors. Foreign institutional investors bought equities worth Rs 1,076.18 crore on a net basis on Wednesday, exchange data showed. Rupee sentiments improved further with strong market anticipation of a possible 3rd straight 25 basis points (bps) cut in the RBI’s benchmark repo rate. Meanwhile, all eyes are also on Friday's US payrolls report for clues on the Federal Reserve's next move.

The partially convertible currency is currently trading at 85.84, stronger by 3 paise from its previous close of 85.87 on Wednesday. The currency touched a high and low of 85.96 and 85.79 respectively.