The Indian rupee strengthened against the US dollar on Friday in line with positive sentiment in the global stock markets. The rupee opened at 70.8363 per dollar, up 23 paise from its previous close of 71.0663. At 9.05 AM, the rupee was trading at 70.8450, up 0.31 percent against the US dollar. In early trade, the rupee hit a high and a low of 70.8475 and 70.8075, respectively.

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In the pre opening session, the Sensex was up over 100 points at 37,998.48, while the Nifty50 traded 23 points up at 11,257.70.

Asian shares and US stock futures rose after US President Donald Trump said he would meet with China's top trade negotiator, while sterling retreated after rallying on revived hopes of a possible Brexit deal.

In early Asian trade, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, following on from gains on Wall Street. S&P e-mini futures added 0.2 percent. Australian shares climbed 0.8 percent, while Japan's Nikkei stock index gained 0.9 percent.

Oil prices climbed after OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. International benchmark Brent crude futures were at $59.26 a barrel, up 16 cents, or 0.3 percent, from their previous settlement. Brent settled up 1.3 percent at $59.10 a barrel on Thursday.