The Indian rupee is expected to stay cautious on Monday morning tracking a somewhat muted opening in local equities although extended weakness in greenback overseas could limit downside. The dollar index remained at a four-month low below 104 on Monday after sliding over 3% last week, pressured by mounting US economic concerns. On Friday, INR rebounded and settled with a gain of 17 paise at 86.95 against the US dollar, as the American currency index declined to its four-month-low level and crude oil prices eased on lower demand expectations. Currently, the counter is trading lower by 30 paise at Rs 87.25 per dollar. Indian shares open on a flat note Monday after Federal Reserve Chair Jerome Powell said the U.S. central bank is well positioned to wait for greater clarity about the impact of President Trump's policy changes. Trump on Friday reiterated that India charges massive tariffs and said that you can't sell anything in the country. India charges us massive tariffs. Massive. You can't even sell anything in India... They have agreed, by the way, they want to cut their tariffs way down now because somebody is finally exposing them for what they have done, he told reporters at the White House.

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