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Indian rupee is trading almost flat against the US dollar on Tuesday, tracking the strength of the American currency at overseas market. Moreover, elevated crude oil prices and foreign fund outflows weighed on local unit. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 4,498.92 crore, exchange data showed. Meanwhile, investors are awaiting upcoming US inflation data for more cues on interest rates. However, some losses were limited by tracking firm domestic equities and as India's retail inflation eased to an 11-month low of 4.83% in April.

The partially convertible currency is currently trading almost flat at its previous close of 83.51 on Monday. The currency touched a high and low of 83.5225 and 83.51 respectively.