The Indian rupee rallied on Friday to climb above 83.50 per U.S. dollar for the first time since late July, boosted by dollar sales by foreign banks and a rise in most of its Asian peers. The rupee was at 83.

MUMBAI: The Indian rupee is expected to hold near its all-time low on Friday, finding little relief from the US dollar’s decline before crucial data that is likely to shape the Federal Reserve’s upcoming interest rate decision.

The rupee has strengthened against the dollar following the US Fed's rate cut and positive economic commentary. Market experts predict further gains in the rupee as the interest rate differential between India and the US widens.