Indian rupee has appreciated on Monday against US dollar. Indian currency rose 7 paise or 0.11 percent against dollar to trade at 63.23.

Commenting on the currency outlook, ICICIdirect expects the US dollar to garner buying support on declines against the rupee. ''Utilize declines in the USD/INR December contract to buy. Buy USD/INR December futures in the range of 63.11-63.21 with target 63.37-62.55.''

Meanwhile, Sushil Finance expects USDINR to trade positive on the back of outlook on US interest rates. Indian bonds and the rupee weakened on Friday to post their worst weekly falls since August as sentiment remained subdued after a volatile week marked by concerns about financial contagion from the tumbling Russian rouble.

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