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Indian rupee weakened against the US dollar on Wednesday, tracking foreign fund outflows from the capital market. Foreign institutional investors were net sellers in the capital markets on Tuesday, offloading shares worth Rs 1,457.96 crore, exchange data showed. Meanwhile, investors are cautiously awaiting the US Fed's July policy meeting minutes on Wednesday and Fed Chair Jerome Powell's keynote speech at the Jackson Hole symposium later in the week. However, muted American currency overseas and lower crude oil prices supported rupee and prevented a further downslide. 

The partially convertible currency is currently trading at 83.88, weaker by 11 paise from its previous close of 83.77 on Tuesday. The currency touched a high and low of 83.89 and 83.79 respectively.