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Indian rupee strengthened against the US dollar on Wednesday, supported by sharp drop in American currency and US Treasury yields after soft US inflation data, which raised hopes that the US Fed was done with rate hikes. Meanwhile, India's retail inflation declined to a 4-month low of 4.87% in October from 5.02% in September 2023. Although, Foreign Institutional Investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 1,244.44 crore, exchange data showed. The forex markets were closed yesterday on account of Diwali-Balipratipada.

The partially convertible currency is currently trading at 83.13, stronger by 20 paise from its previous close of 83.33 on Monday. The currency touched a high and low of 83.1325 and 83.0150 respectively.