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Indian rupee weakened against the US dollar on Wednesday amidst strong American currency at overseas markets in the wake of more strong US economic data. Meanwhile, investors were cautiously awaiting the release of the US PCE price index data due later this week as well as addresses by top Fed officials. Moreover, elevated crude oil prices in the international market also dented rupee sentiments. However, Foreign Institutional Investors were net buyers in the capital markets on Tuesday as they bought shares worth Rs 10.13 crore, exchange data showed. Besides, India's current account deficit narrowed to $10.5 billion or 1.2% of GDP in the October-December quarter as against $11.4 billion or 1.3% in the preceding three months ending September, RBI said.

The partially convertible currency is currently trading at 83.32, weaker by 3 paise from its previous close of 83.29 on Tuesday. The currency touched a high and low of 83.3450 and 83.2950 respectively.