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Indian rupee weakened against the US dollar on Wednesday tracking subdued equity markets on caution ahead of US GDP data to be released later in the day and domestic GDP numbers later this week. Moreover, foreign funds outflows and increased month-end demand of the American currency also dampened rupee sentiments. Foreign institutional investors were net sellers in the capital markets on Tuesday as they sold shares worth Rs 1,509.16 crore on a net basis, exchange data showed.

The partially convertible currency is currently trading at 82.91, weaker by 2 paise from its previous close of 82.89 on Tuesday. The currency touched a high and low of 82.92 and 82.8925 respectively.