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Indian rupee strengthened against the US dollar on Wednesday tracking easing global crude oil prices in line with fears of tight supplies for the rest of the year. Moreover, a drop in American currency also supporting rupee sentiments. However, some gains were limited by a sell-off in the domestic equity markets on caution ahead of the interest rate decision by the US Federal Reserve later in the day. Foreign Institutional Investors were net sellers in the capital markets as they sold shares worth Rs 1,236.51 crore on Monday, exchange data showed. Currency markets were closed on Tuesday on account of Ganesh Chaturthi holiday.

The partially convertible currency is currently trading at 83.24, stronger by 8 paise from its previous close of 83.32 on Monday. The currency touched a high and low of 83.2750 and 83.1925 respectively.