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Indian rupee strengthened against the US dollar in early trade on Monday supported by softer dollar at overseas markets following expectations of slower interest rate hikes from the US Federal Reserve in February. Moreover, decline in Treasury yields and broadly stable oil prices also supported rupee sentiments. Although, sustained foreign fund outflows and possibility of dollar-buying intervention by the Reserve Bank of India (RBI) limited further gains in rupee. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 2,422.39 crore, exchange data showed.

The partially convertible currency is currently trading at 81.34, stronger by 4 paise from its previous close of 81.38 on Friday. The currency touched a high and low of 81.37 and 81.2925 respectively.