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Indian rupee weakened against the US dollar on Wednesday, tracking muted domestic equities and significant foreign fund outflows from the Indian capital market. Foreign institutional investors were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 1,748.71 crore, exchange data showed. Meanwhile participants are awaiting US economic data to determine the number of interest rate cuts by the US Federal Reserve in the near term. Although, a slight pullback in the US dollar, weak crude oil prices and any intervention by the RBI have limited further weakness in domestic currency.

The partially convertible currency is currently trading at 84.06, weaker by 2 paise from its previous close of 84.04 on Tuesday. The currency touched a high and low of 84.07 and 84.0350 respectively.