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Indian rupee strengthened against the US dollar in early trade on Monday, tracking firm domestic equities, easing Crude oil prices and fresh foreign fund inflows into capital markets. Foreign institutional investors were net buyers in the capital markets on Friday, as they purchased shares worth Rs 766.52 crore, according to exchange data. Rupee improved further on weakening American currency at overseas market and as investors are awaiting the US Federal Reserve Chair Jerome Powell's speech for more hints about the trajectory of interest rate cuts this year. However, some gains were limited by RBI data showed India's forex reserves dropped by $4.8 billion to $670.119 billion for the week ended August 9.

The partially convertible currency is currently trading at 83.91, stronger by 4 paise from its previous close of 83.95 on Friday. The currency touched a high and low of 83.9150 and 83.8450 respectively.