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Indian rupee strengthened against the US dollar in early trade on Monday, as the American currency retreated from its elevated level on news that US President Joe Biden has endorsed his vice president Kamala Harris to become the Democratic nominee in the November election after he announced he would step aside from the race. Moreover, foreign fund inflows and possible intervention by the Reserve Bank of India have also supported the Indian currency at lower levels. Foreign Institutional Investors were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,506.12 crore, exchange data showed. India's forex reserves jumped by $9.699 billion to an all-time high of $666.854 billion for the week ended July 12, the RBI said. Meanwhile, investors are keenly awaiting more clues on the Federal Reserve's monetary policy path.

The partially convertible currency is currently trading at 83.65, stronger by 5 paise from its previous close of 83.70 on Friday. The currency touched a high and low of 83.67 and 83.65 respectively.