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Indian rupee strengthened against the US dollar on Wednesday tracked by a weaker American currency against its major peers overseas with expectations that the US central bank would soon begin cutting interest rates. Moreover, firm domestic equities also supported rupee sentiments. Although, investors are cautiously awaiting US inflation numbers due later this week for more cues on the Fed's rate path. Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded stocks worth Rs 601.52 crore, exchange data showed.

The partially convertible currency is currently trading at 83.15, stronger by 3 paise from its previous close of 83.18 on Tuesday. The currency touched a high and low of 83.18 and 83.1325 respectively.