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Indian rupee strengthened against US dollar on Wednesday tracking a positive trend in domestic equities and Asian peers gains ahead of US CPI data and US FOMC meeting minutes due later in the day. Meanwhile, muted American currency also supportive for rupee sentiments. Investor sentiments improved further as crude oil prices retreated from their elevated levels. However, Foreign Institutional Investors were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 593.20 crore, exchange data showed. Forex and money markets were closed yesterday on account of 'Gudhipadwa'. 

The partially convertible currency is currently trading at 83.22, stronger by 9 paise from its previous close of 83.31 on Monday. The currency touched a high and low of 83.23 and 83.1675 respectively.