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Indian rupee strengthened against US dollar on Monday, even as sustained sell-offs in domestic equities followed by surge in global Omicron COVID-19 cases dampened market sentiments. However, rising inflation and hawkish stance by central banks prompting outflows of overseas investment from emerging economies. Foreign Institutional Investors (FIIs) continued to offload shares in the capital market on Friday, as they sold equities worth Rs 2,069.90 crore, exchange data showed. On the global front, the US dollar hovered near the highest since July of last year against its major peers after US central bank official signalled a first pandemic-era interest rate hike could come as early as March.

The partially convertible currency is currently trading at 75.99, stronger by 7 paise from its previous close of 76.06 on Friday. The currency touched a high and low of 76.1600 and 75.9900 respectively.