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Indian rupee strengthened against the US dollar on Monday, tracking the weakness in the American currency at overseas. Moreover, firm trade in domestic equities, foreign fund inflows and lower crude oil prices have also supported rupee sentiments. Foreign Institutional Investors were net buyers in the capital markets on Friday as they purchased shares worth Rs 129.39 crore, exchange data showed. Although, hawkish comments by Federal Reserve officials and escalating tensions in the Middle East have keep the rupee cautious. India's forex reserves dropped by $5.401 billion to $643.162 billion for the week ended April 12, the RBI said. Market participants are awaiting US core personal consumption expenditures price index, the Fed's preferred inflation measure, due later this week for interest rate cues.

The partially convertible currency is currently trading at 83.37, stronger by 7 paise from its previous close of 83.44 on Friday. The currency touched a high and low of 83.45 and 83.3625 respectively.