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Indian rupee strengthened against the US dollar on Monday followed by bullish domestic equities after data showing India's annual inflation rate rose less than expected in December, reinforced expectations that the RBI would change its stance to neutral in the next quarter. Meanwhile, slide in US Treasury yields with renewed expectations of an interest rate cut by the US Federal Reserve in March also supporting rupee sentiments. Although, Foreign Institutional Investors were net sellers in the equity market on Friday as they offloaded shares worth Rs 340.05 crore, exchange data showed.

The partially convertible currency is currently trading at 82.85, stronger by 10 paise from its previous close of 82.95 on Friday. The currency touched a high and low of 82.8725 and 82.7750 respectively.