The rupee sustained its gaining streak for the third straight session and rose 9 paise to 83.56 against the US dollar in early trade on Friday (September 20, 2024) buoyed by a firm domestic equity market and weakening American currency.

Analysts said the dollar index retreated after the US Federal Reserve reduced the benchmark interest rate by 0.50 per cent, prompting investors to look towards emerging market currencies.

The unit finally settled at 83.66 (provisional) against the American currency, registering a gain of 10 paise from its previous closing. The currency had earlier recorded the same closing level on July 22 this year.

The Indian Rupee strengthened by 10 paise to hit a two-month high of 83.66 against the US dollar on Thursday, driven by the Fed''s rate cut and strong domestic equities.