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Indian rupee weakened against the US dollar in early trade on Wednesday tracking firm American currency at overseas markets, while dollar demand from oil importers and foreign portfolio investors dragged down rupee. Moreover, elevated crude oil prices and foreign fund outflows have also dampened sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,000.12 crore, exchange data showed. However, some losses were limited by firm domestic equities and after Federal Reserve Chair Jerome Powell flagged progress towards bringing down inflation.

The partially convertible currency is currently trading at 83.52, weaker by 4 paise from its previous close of 83.48 on Tuesday. The currency touched a high and low of 83.5350 and 83.4950 respectively.