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.

The Indian rupee rose for the fifth straight session on Friday, helped by gains in Asian peers and likely portfolio inflows, after the U.S. Federal Reserve kicked off its interest rate cutting cycle earlier this week.

The stock market, Indian rupee, and gold price are all likely to do better following the much-anticipated rate cut by the Fed in the US. Here’s why optimism may be warranted

China stocks closed higher on Friday, logging their first weekly gain in a month, as the jumbo US rate cut strengthened bets Beijing will soon unveil fresh stimulus. Hong Kong shares rose for the fifth day,