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Indian rupee weakened against the US dollar on Wednesday, tracking a firm American currency at overseas market. Moreover, weakness in domestic equities, elevated US 10-year bond yields escalating Middle East conflict and foreign fund outflows have also weighed on rupee sentiments. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 696.02 crore on Tuesday, exchange data showed. Data showed that the growth of eight key infrastructure sectors slowed down to a four-month low of 8.1% in September 2023 against 8.3% a year ago. Meanwhile, India’s fiscal deficit touched 39.3% of the full-year target in the first half of the current financial year, higher than the previous year's 37.3%.

The partially convertible currency is currently trading at 83.27, weaker by 3 paisa from its previous close of 83.24 on Tuesday. The currency touched a high and low of 83.2775 and 83.2625 respectively.