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Indian rupee strengthened against the US dollar on Wednesday, tracking a weak American currency ahead to release of US Federal Reserve’s January monetary policy meeting minutes today. The Federal Reserve might provide additional insight into the outlook for interest rates. However, selling pressure from foreign institutional investors limited rupee’s rise. Foreign Institutional Investors were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 1,335 crore, exchange data showed.

The partially convertible currency is currently trading at 82.87, stronger by 10 paise from its previous close of 82.97 on Tuesday. The currency touched a high and low of 82.9250 and 82.8650 respectively.