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Indian rupee weakened against the US dollar in early trade on Friday ahead of the crucial US inflation reading this evening that could provide further clues on the interest rate cut timeline this year. Moreover, strength of the American currency at overseas market and elevated crude oil prices have also weighed on the local currency. However, firm domestic equities and foreign fund inflows have limited further weakness in rupee. Foreign Institutional Investors were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 7,658.77 crore, exchange data showed.

The partially convertible currency is currently trading at 83.46, weaker by 1 paise from its previous close of 83.45 on Thursday. The currency touched a high and low of 83.49 and 83.3775 respectively.