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Rupee strengthened against the US dollar on Monday tracking firm domestic equities and weakness in the American currency overseas. However, some gains were limited by massive outflow of foreign funds with data showed Foreign Institutional Investors offloaded shares worth Rs 3,318.06 crore on Friday. India's forex reserves dropped by $8.714 billion to $625.871 billion in the week ended January 10, the RBI said on Friday. Investors are remained cautious on tariff fears ahead of US President-elect Donald Trump’s inauguration later in the day.

The partially convertible currency is currently trading at 86.49, stronger by 11 paise from its previous close of 86.60 on Friday. The currency touched a high and low of 86.50 and 86.4650 respectively.