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Indian rupee weakened against the US dollar on Wednesday with caution ahead of the Reserve Bank of India's monetary policy meeting this week. Rupee fell further on concerns over global trade war as market participants mulled the impact of tariffs being imposed by the United States and China. However, fresh foreign fund inflows and RBI intervention have supported the rupee to some extent. Foreign Institutional Investors purchased equities worth Rs 809.23 crore in the capital markets on net basis on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 87.22, weaker by 15 paise from its previous close of 87.07 on Tuesday. The currency touched a high and low of 87.23 and 87.1175 respectively.