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Indian rupee strengthened against the US dollar on Wednesday tracking its Asian peers, and as the American currency and crude oil prices retreated. Meanwhile investors are awaiting for US inflation data to be released later today, which could offer cues on the magnitude of an expected rate cut from the Fed later this month. Moreover, foreign fund inflows and the Reserve Bank's active intervention have also kept the rupee higher. Foreign Institutional Investors were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 2,208.23 crore, exchange data showed.

The partially convertible currency is currently trading at 83.94, stronger by 4 paise from its previous close of 83.98 on Tuesday. The currency touched a high and low of 83.9750 and 83.9375 respectively.