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Indian rupee weakened against the US dollar on Wednesday as concerns over equities markets and elevated crude oil prices dented rupee sentiments. Meanwhile, higher-than-expected US inflation report signalling possible delays in anticipated Federal Reserve rate cuts. However, India's industrial production growth slowed to 3.8% in January, while the February retail inflation at 5.09% remained within the Reserve Bank of India's comfort zone for the sixth straight month, the latest government data showed. Foreign institutional investors were net buyers in the capital markets on Tuesday as they bought shares worth Rs 73.12 crore, exchange data showed.

The partially convertible currency is currently trading at 82.91, weaker by 11 paise from its previous close of 82.80 on Tuesday. The currency touched a high and low of 82.9150 and 82.82 respectively.