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Indian rupee strengthened against the US dollar on Wednesday, tracking firm domestic equities and lower crude oil prices following the OPEC+ decision to gradually phase out output cuts until the end of September 2025. Rupee sentiments improved further as signs of a cooling US labour market buoyed Reserve rate-cut expectations. After Lok Sabha election result announcement, investors are now awaiting further updates regarding the formation of the new government. However, some gains were limited by foreign fund outflows from the capital market. Foreign investors were net sellers of Indian equities on Tuesday as they offloaded shares worth Rs 12,436.22 crore on a net basis. 

The partially convertible currency is currently trading at 83.39, stronger by 12 paise from its previous close of 83.51 on Tuesday. The currency touched a high and low of 83.5075 and 83.3675 respectively.