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Indian rupee strengthened against the US dollar in early trade on Wednesday, tracking firm domestic equities ahead of Indian Consumer Price Index data. Globally, all eyes are on the US May CPI print and the Fed rate decision for further cues. The expectation is for US interest rates to remain in the range between 5.25% and 5.5%. However, strengthening American currency at overseas market and elevated crude oil prices restricted rupee's gain to some extent. Foreign Institutional Investors were net sellers in the capital markets on Tuesday, selling shares worth Rs 111.04 crore, exchange data showed.

The partially convertible currency is currently trading at 83.56, stronger by 3 paise from its previous close of 83.59 on Tuesday. The currency touched a high and low of 83.5625 and 83.5475 respectively.