The Indian rupee on Friday strengthened further against the US dollar to appreciate up to Rs 83.48 per dollar during the day, before settling at 83.57 per dollar—a two-month high. The local currency witnessed its highest weekly gain in the current calendar year. The domestic unit appreciated by 0.4 per cent against the dollar during the week.

The Indian currency has been on a recovery path since September 11 when it had settled at 83.99 against the American currency, a tad higher than the lowest level of 84.09 recorded on August 5.

Pakistani rupee on Friday appreciated by 8 paisa against the US dollar in the interbank trading and closed at Rs 277.83 against the previous day’s closing of Rs 277.91. However, according to the Forex Association of Pakistan (FAP),

Mumbai: The rupee stayed on the upward track for a record seventh straight session and settled 10 paise higher at 83.55 (provisional) against the dollar on Friday, as robust domestic equity markets and retreating crude oil prices boosted investors' sentiment.

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.