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Indian rupee strengthened against the US dollar on Monday, tracking firm trend in the domestic equity market even as the country continued to report over 3 lakh Covid-19 cases. Further, weakness in the US dollar against key rival currencies ahead of the meeting of the US Federal Reserve this week also supported the rupee sentiment. Meanwhile, investors will also eye US Federal Reserve Chairman Jerome Powell's comments after the Fed meeting. However, sustained foreign fund outflows in the Indian markets capped the rupee’s upward movement. Foreign Institutional Investors (FIIs) sold shares worth Rs 1,360.76 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 1,695.59 crore on Friday, exchange data showed.

The partially convertible currency is currently trading at 74.73, stronger by 28 paise from its previous close of 75.01 on Friday. The currency touched a high and low of 74.8800 and 74.7300 respectively. The reference rate for the dollar stood at 74.56, and for Euro stood 89.19 on April 16, 2021. While the reference rate for the 100 Yen stood at 68.49, the reference rate for the Great Britain Pound (GBP) stood at 102.44.