The Indian rupee's recovery on Thursday will have to contend with a broadly higher U.S. dollar despite the Federal Reserve delivering a 50-basis-point rate cut. The 1-month dollar/rupee non-deliverable forward (NDF) declined to 83.

Falling crude oil prices provided support to the Indian currency, though it was partially weighed down by foreign fund outflows, according to forex traders. At the interbank foreign exchange market, the rupee opened at 83.

At the interbank foreign exchange market, the Indian currency opened at 83.70 and inched up to 83.69 before trading at 83.70 against the greenback, registering a gain of 6 paise from its previous closing level.

Rupee strengthens against dollar on lower oil prices, foreign fund inflows, despite greenback's gains and Fed rate cut.

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.96 against the American currency and touched 83.85 in initial trade. It was later trading at 83.95 against the greenback,