The Indian rupee inched up 1 paisa to settle at 83.50 (provisional) against the US dollar on Wednesday as the American currency retreated from its elevated level. However, sustained foreign fund outflows and a weak trend in domestic equities weighed on the local unit. The benchmark S&P BSE Sensex slipped 117.58 points, or 0.16 percent, to 72,987.03 - halting a three-day winning streak. The broader NSE Nifty index dropped 17.30 points, or 0.08 percent, to 22,200.55 due to concerns over FII selling ahead of the Lok Sabha 2024 election outcome. Meanwhile, global cues were mixed while the dollar and bond yields dipped after Federal Reserve Chair Jerome Powell described the producer price index report as more mixed than hot, adding he doesn't expect the next move to be a rate hike.