The Indian rupee against the US dollar on Monday, thanks to stronger Asian FX. In the early trade today, the Indian currency was trading at 53.84/85, as compared with 53.935/945 recorded on Friday.

Investors are optimistic as market sentiments are improving. A senior forex dealer said equity flows widely expected to enter the Indian market in the coming days via Jet Airways' stake deal with Etihad, and Unilever's open offer to increase its stake in its Indian unit.

Jet Airways recently agreed to sell a 24 per cent stake to UAE's carrier Etihad for $379 million, while the Anglo-Dutch consumer goods giant Unilever proposed to invest around Rs 29,300 crore in its Indian arm Hindustan Unilever Ltd (HUL).

Analysts believe the Indian currency to remain within the 53.50 to 54.00 range for the current session.

Charts show 53.60 to 53.65 levels on downside very robust crucial support, with lower end of a triangle consolidation that has been seen since September 2011.

Analysts are also of the view that a clear break of support through 53.50 would see strong move lower on US dollar versus Indian rupee.