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Indian rupee strengthened against the US dollar on Wednesday, supported by weakening American currency overseas and after a sharp drop in crude oil prices on tepid global demand. Moreover, strong foreign fund inflows has also supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,029.25 crore, exchange data showed. However, some gains were limited by sluggish trend in domestic equities and concerns over upcoming US payrolls report which could influence how deeply the Federal Reserve cuts interest rates this year.

The partially convertible currency is currently trading at 83.96, stronger by 2 paise from its previous close of 83.98 on Tuesday. The currency touched a high and low of 83.9675 and 83.9550 respectively.