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The Indian rupee strengthened against the US dollar in early trade on Monday, tracking sharp fall in crude oil prices and firm domestic equities after the United States and Iran signalled an easing of tensions in West Asia as the United States and Iran paused strikes against each other. Weakness in the American dollar against some currencies overseas also supporting the local currency. Additional support came from expectations of sustained foreign currency inflows after RBI Governor Sanjay Malhotra reportedly said the central bank's dollar-mobilization measures had attracted nearly $32 billion. Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,892.77 crore on a net basis on Friday, exchange data showed. Investors are now turning their attention to this week's Federal Reserve interest rate decision, second-quarter US GDP data, US PCE inflation data, as well as earnings from major US companies for fresh insights into the strength of the American economy.

The partially convertible currency is currently trading at 96.24, stronger by 29 paise from its previous close of 96.53 on Friday. The currency touched a high and low of 96.2775 and 96.14 respectively.