Indian rupee depreciated against the US dollar on Monday due to consistent dollar demand from oil importers. Investors took support as Union Commerce and Industry Minister Piyush Goyal has said that India remains a key destination for overseas investments and is likely to attract $100 billion in foreign direct investments (FDIs) from the four-nation European bloc EFTA. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Goyal also emphasised the need to stay competitive. On the global front, Japanese yen strengthened against other major currencies in the European session on Monday, after Japan's ruling coalition lost its majority in the upper house, indicating the outcome was mostly priced in. Meanwhile, investors were prepared for market uncertainty ahead of a deadline on U.S. tariff discussions.

Finally, the rupee ended at 86.31 (Provisional), depreciated by 14 paise from its previous close of 86.17 on Friday. The currency touched a high and low of 86.36 and 86.19 respectively.