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Indian rupee weakened against the US dollar on Thursday, tracking sluggish domestic equities in line with sustained foreign fund outflows and elevated crude oil prices. Foreign Institutional Investors were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 2,832.83 crore, exchange data showed. However, recent US CPI and retail sales data indicated that inflation is resuming its downward trend and raised expectations that the US Federal Reserve would cut interest rates two times this year. Weakness in the American currency has restricted rupee’s fall.

The partially convertible currency is currently trading at 83.50, weaker by 4 paise from its previous close of 83.46 on Wednesday. The currency touched a high and low of 83.50 and 83.4450 respectively.