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Indian rupee weakened against the US dollar on Wednesday tracking sustained foreign fund outflows from the capital market. Foreign Institutional Investors were offloaded equities worth Rs 95.20 crore on Tuesday, exchange data showed. Moreover, concerns over volatile crude oil prices fearing disruption in global trade through the Red Sea route also kept rupee sentiments bearish. Although, weakness in the latest US data reinforced expectations of interest rate cuts by the US Federal Reserve as early as March next year.

The partially convertible currency is currently trading at 83.29, weaker by 10 paise from its previous close of 83.19 on Tuesday. The currency touched a high and low of 83.30 and 83.2075 respectively.