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Indian rupee strengthened against the US dollar on Thursday, tracking gains in Asian currencies and the American currency retreated from its elevated levels. Rupee improved further by a firm trend in domestic equities, even after comments from US Federal Reserve officials including Chair Jerome Powell suggested interest rates are likely to stay higher for longer. However, Foreign Institutional Investors were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 4,468.09 crore, exchange data showed. Forex and money markets were closed on Wednesday on account of 'Ram Navami'.

The partially convertible currency is currently trading at 83.52, stronger by 9 paise from its previous close of 83.61 on Tuesday. The currency touched a high and low of 83.5450 and 83.4950 respectively.