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Indian rupee strengthened against the US dollar on Tuesday, tracking weak American currency at overseas markets. Meanwhile, investors are awaiting the US Federal Reserve's monetary policy decision for clues on when the Fed might cut rates this week. Foreign Institutional Investors were net buyers in the capital markets on Monday as they purchased shares worth Rs 110.01 crore, exchange data showed. However, rising crude oil prices, deepening real estate crisis in China and escalation of geopolitical tensions in the Middle East region limited further gains in rupee.

The partially convertible currency is currently trading at 83.12, stronger by 4 paise from its previous close of 83.16 on Monday. The currency touched a high and low of 83.15 and 83.1150 respectively.