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Indian rupee weakened against the US dollar on Wednesday amid stronger American currency and surging US Treasury yields and in line with expectations of higher for longer interest rates from the US Federal reserve. Moreover, sluggish domestic equities and sustained foreign fund outflows also dented rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets as they offloaded shares worth Rs 2,034.14 crore on Tuesday, exchange data showed. However, some losses in rupee were capped by expectations of further interventions from the Reserve Bank of India.

The partially convertible currency is currently trading at 83.25, weaker by 5 paise from its previous close of 83.20 on Tuesday. The currency touched a high and low of 83.2575 and 83.21 respectively.