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Indian rupee strengthened against the US dollar in early trade on Wednesday after softer US PPI data reinforced expectations that the US Federal Reserve will deliver a series of rate cuts this year. Meanwhile, investors are awaiting cues from the CPI data from the US scheduled to be released later in the day. However, some gains were limited by foreign fund outflows from capital markets. Foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 2,107.17 crore, exchange data showed.

The partially convertible currency is currently trading at 83.91, stronger by 6 paise from its previous close of 83.97 on Tuesday. The currency touched a high and low of 83.93 and 83.90 respectively.